South Africa: Inflation remains stable at SARB’s midpoint target in June
Consumer prices rose 0.4% over the previous month in June, marginally up from a 0.3% month-on-month upturn in May. June’s print was underpinned by a faster climb in the prices for food and non-alcoholic beverages, and housing and utilities. Core consumer prices, in turn, increased 0.4% in June, following a flat reading in May.
Inflation, on the other hand, was steady from May at 4.5% in June, remaining at the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. Core inflation, meanwhile, edged up to 4.3% from 4.1% in May. Lastly, annual average inflation was stable from May at 4.6%.