South Africa: Inflation falls to lowest level since August 2023 in June
Inflation inched down to 5.1% in June, following May’s 5.2%. June’s figure represented the weakest inflation rate since August 2023 and matched market analysts’ expectations. Looking at the details of the release, the moderation was broad-based, with reduced price pressures recorded for housing and utilities, food and non-alcoholic beverages, plus transportation.
Meanwhile, the trend was stable, with annual average inflation unchanged at May’s 5.3% in June. Meanwhile, core inflation fell to 4.5% in June from the previous month’s 4.6%.
Lastly, consumer prices rose 0.09% over the previous month in June, below May’s 0.17% increase. June’s result marked the weakest reading since December 2023.