Inflation sinks below the Reserve Bank's key target
Consumer inflation has dipped below the SA Reserve Bank's key target of 4.5%, cooling to 4.4% in August from 4.6% in July.Over the past seven years, the monetary policy committee has emphasised that it would like to see inflation close to the 4.5% midpoint of its 3% to 6% target range. It has been adamant that local rates won't be lowered before inflation is anchored around this level.
August's inflation number is also the lowest since April 2021, thanks in great part to lower transport prices following a series of fuel price cuts. Fuel prices should fall even further at the start of October, with the latest estimate from the Central Energy Fund pointing to a R1.23/litre cut in the price of 95 unleaded petrol and a more than R1.10 fall in wholesale diesel prices. This could push fuel prices to levels last seen before Russia invaded Ukraine in February 2022.However, food and drink prices edged higher, Statistics SA reported.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inflation falls to 4.6% nearing Reserve Bank's targetAnnual consumer price inflation decreased from 5.1% in June to 4.6% in July, reaching its lowest point since July 2021 and coming close to the South African Reserve Bank's target of 4.5%.
Read more »
Reserve Bank expected to cut interest rates marginally as inflation moderatesBetter than expected inflation outcomes domestically and globally back the case for the central bank to cut the repo rate to 8%, economists said
Read more »
EFF celebrates revival of SA Reserve Bank Nationalisation Bill, pledges public support“We urge all progressive stakeholders to prepare their submissions. Progressive stakeholders who require assistance with their submissions or oral presentations are encouraged to contact the EFF,” said Mathys.
Read more »
Reserve Bank, Treasury, government reluctant to trust and use Census 2022 dataIN-DEPTH | Reserve Bank, Treasury, government reluctant to trust and use Census 2022 data
Read more »
Reserve Bank wants a new target in South AfricaInflation is set to drop below the South African Reserve Bank’s target of 4.5%, but it believes that more should be done.
Read more »
Policy error if Reserve Bank does not cut repo rate on ThursdayConsumers with mountains of debt are holding their breath to hear what the Reserve Bank will decide about the repo rate.
Read more »