SA inflation dips as growth slows

22 August 2019 | Economics

South Africa's inflation last month dipped to 4.0%, its lowest level since January, the statistics agency said yesterday. In June, inflation was 4.5%.

The decline was attributed to prices of food and transport slowing down.

The central bank's target for annual inflation is between 3% and 6%.

"The latest inflation figures from South Africa are certainly good news for the South African Reserve Bank (SARB) and the economy as a whole," said Lukman Otunuga, analyst at FXTM, in a note.

Africa's most industrialised economy has been slowing, with a GDP growth forecast of just 0.6% this year.

The economy has hit trouble, with gross domestic product (GDP) contracting by 3.2% in the first three months of 2019 and unemployment at an 11-year record high of 29%.

Last month the SARB cut key interest rate for the first time since March 2018 in a bid to boost the contracting economy. – Nampa/AFP

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