Cape Town – Inflation in South Africa in April dropped to the lowest level in almost a year although food prices remained obstinately high, the national statistics agency StatsSA said on Wednesday.
Annual consumer inflation slowed to 6.8% last month, down from 7.1% in March.
“This is the lowest reading since May 2022, when the rate was 6.5%,” the agency said in a statement.
Inflation for food and non-alcoholic beverages inched back to 13.9% in April from 14$ in March, having experienced record increases over the past 12 months.
Annual #CPI inflation eased to 6,8% in April from 7,1% in March. This is the lowest reading since May 2022 when the rate was 6,5%.
Listen here for more: https://t.co/ZObC4yE9HZ#StatsSA #inflation pic.twitter.com/6WdF6qZOYF
— Stats SA (@StatsSA) May 24, 2023
Milk, eggs and cheese products recorded an annual price increase of 14.5%, the largest rise since January 2009, according to StatsSA.
“On average, vegetables were 23.1% more expensive in April 2023 compared with April 2022,” the agency said. “This is the highest annual rate since November 2007.”
Onions experienced a 52.8% hike in cost. Carrots, peppers and potatoes also pushed the rate up, although prices for meat, oils and transport fell back.
Despite the overall drop, analysts expect South Africa’s central bank to raise interest rates again this week.
Policymakers around the world are battling elevated inflation caused largely by surging energy and food prices following Russia’s invasion of Ukraine.
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Source: AFP
Picture: Pexels
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