South Africa's consumer price inflation eased in April to the lowest level in nearly a year, largely due to a slowdown in transport costs, figures from Statistics South Africa showed on Wednesday.
The consumer price index, or CPI, rose 6.8 percent year-on-year in April, slower than the 7.1 percent increase in March. Economists had expected inflation to ease slightly to 7.0 percent.
Moreover, the inflation rate continues to be higher than the 3-6 percent target range set by the South African Reserve Bank.
The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, rose somewhat to 5.3 percent in April from 5.2 percent in March, in line with expectations.
Transport costs grew at a slower pace of 7.6 percent annually in April versus an 8.9 percent surge a month ago.
Prices for food and non-alcoholic beverages alone climbed 13.9 percent in April from last year, and health costs were 5.4 percent higher.
On a month-on-month basis, consumer prices moved up 0.4 percent versus an expected increase of 0.5 percent. Core consumer prices also gained 0.5 percent
For comments and feedback contact: editorial@rttnews.com
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
