[ALERT] SA CPI slows to 4.6% y/y from 5.1%
This is the lowest level recorded since September 2015.
CAPE TOWN - The country's inflation rate is slowing down even further.
Stats SA released July’s figure of 4,6% on Wednesday a drop from last month's rate of 5,1%.
It means consumers are paying on average 4,6% more for goods and services compared to the same time last year.
A 4,6% inflation rate is a figure last seen in 2015. The data shows that July’s fuel price drop helped slow down inflation.
This puts the rate well within the SA Reserve Bank's target range of between 3,6% in a bid to protect consumer spending.
It could further bolster the central bank's argument to continue with a repo rate cutting cycle, which it started when it announced a 25 basis point cut for the first time in five years last month.