South Africa records two-year low inflation of 4.7%
South Africa’s inflation rate has witnessed a remarkable decline, reaching its lowest point in a span of two years.
Inflation in South Africa dropped to the lowest level in two years in July, staying within the central bank’s target range, official data showed Wednesday.
Annual consumer price inflation slowed to 4.7 percent last month, down from 5.4 percent in June, national statistics agency StatsSA said in a statement.
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LOW INFLATION
This is the lowest recorded since June 2021, when it came in at 4.6 percent.
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Food prices also eased in July although it remained one of the largest contributors to the overall consumer price.
PRICES
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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