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CPI slows more than expected, boosts rand

Economists polled by Reuters had forecast a 5.55% year-on-year inflation print.

Picture: Supplied

JOHANNESBURG - South Africa's headline consumer inflation slowed more than expected to 5.3% year-on-year in April from 6.1% in March, data from Statistics South Africa showed on Wednesday, sending the rand to a new 4-week high.

Economists polled by Reuters had forecast a 5.55% year-on-year inflation print.

On a month-on-month basis, inflation fell to 0.1% in April from 0.6% previously.

Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol and energy, slowed to 4.8% year-on-year in April from 4.9 percent and fell to 0.2% on a month-on-month basis from 0.7%.

WATCH: How South Africa's inflation rate is calculated

The CPI figure is in line with the Reserve Banks’ forecast, placing the inflation rate back within its target range of between 3% and 6% for the first time since August last year.

Following the last Monetary Policy Committee Meeting, Governor Lesetja Kganyago said, a more sustained improvement in the inflation outlook is needed before a repo rate cut will be considered.

The central bank is set to make an announcement on the rates tomorrow.