South Africa’s annual consumer inflation slowed to 3.3 percent in August on the back of easing food costs, according to figures released by Statistics South Africa (Stats SA) on Wednesday.
Annualised consumer inflation was pegged at 3.5 percent in July.
According to Stats SA, food inflation showed notable moderation, with the annual rate for food and non-alcoholic beverages falling to 5.2 percent from 5.7 percent in July.
The latest figures bring headline inflation closer to the South African Reserve Bank’s revised target of three percent, reinforcing expectations that interest rates may remain steady in upcoming policy decisions.
JN/APA