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South African inflation picks up in January

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South African inflation picks up in January

Consumers
Photo by Bloomberg

21st February 2024

By: Reuters

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South Africa's headline consumer inflation quickened to 5.3% year on year in January from 5.1% in December, data showed on Wednesday.

Key contributors to the annual inflation rate included food, housing, utilities and transport, according to a Statistics South Africa report.

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At its last monetary policy meeting in January, the central bank said it wanted to see a clearer disinflation trend before cutting interest rates.

The South African Reserve Bank likes to see inflation around the mid-point of its 3% to 6% target range.

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Core inflation, which excludes food and fuel prices, accelerated in January to 4.7% in annual terms from 4.5% in December.

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