August consumer price inflation dips to 3.1%

30th September 2020 By: News24Wire

August consumer price inflation dips to 3.1%

Photo by: Bloomberg

Annual consumer price inflation for August dipped slightly to 3.1% from 3.2% in July, according to Stats SA.

This falls midway within the target range of between 3% to 6% target range set by the Reserve Bank.

The main contributors to August’s print were food and non-alcoholic beverages, which increased by 3.9% year-on-year; housing and utilities, which grew by 3.1%; and miscellaneous goods and services - a category that includes things like personal care, financial services and insurance, which increased by 6.6%.

On a month-on-month basis, the CPI index increased by 0.2% from July.

CPI was in line with expectations of economists.