South Africa's annual inflation rate for 2024 has decreased to 4.4%, marking the lowest level since 2020, as reported by the national statistics bureau.
Despite a slight uptick in monthly consumer inflation to 3% in December, up from 2.9% in November, the annual rate saw a decline from the 2023 figure of 6%.
"Inflation in 2024 was the lowest in four years since the pandemic in 2020, when the average rate was 3.3%," the bureau stated.
The central bank plans to announce later this month whether it will make another reduction to its benchmark interest rate, currently at 7.75% following a 25 basis points cut last November.