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'July drop in fuel price one of biggest factors behind lower inflation rate'

According to Stats SA data, July's inflation rate came in at 4.6% down from 5.1% the previous month.

Picture: EWN.

CAPE TOWN - A significant drop in the price of fuel in July is one of the biggest factors behind a lower inflation rate.

According to Stats SA data, July's inflation rate came in at 4.6% down from 5.1% the previous month.

This could open the door for the Reserve Bank to further cut the repo rate this year.

Economist Kamilla Kaplan said: “The smaller electricity tariff hike this year compared to prior years and the continued moderation in food price inflation, additionally, the lagged effects of rand depreciation and the weak economic demand environment are helping inflation to subside.”