Official data released on Wednesday revealed that inflation in South Africa reached its lowest point in two years in July, remaining within the target range set by the central bank.
In July, official data indicated that inflation in South Africa declined to its lowest point in two years, while also remaining within the central bank’s designated target range.
The national statistics agency, StatsSA, reported in a statement that annual consumer price inflation decelerated to 4.7 percent last month, a decrease from June’s 5.4 percent.
This is the lowest recorded since June 2021, when inflation came in at 4.6 percent.
While food price inflation continued to be a significant factor, it did experience a reduction in July, though it remained among the major contributors to the overall consumer price inflation.
In the wake of Russia’s invasion of Ukraine, policymakers globally are contending with heightened inflation primarily driven by rising energy and food costs.