South Africa: Inflation drops to lowest level since June 2005 in April
June 25, 2020
Consumer prices dropped 0.52% in April over the last month, contrasting March's 0.30% rise. April's result marked the sharpest fall in prices since December 2008. The result was chiefly driven by falling prices for housing and utilities. In addition, prices for alcoholic beverages and tobacco also dropped.
Inflation came in at 3.0% in April, below March’s 4.1%. April's result was the weakest inflation rate since June 2005. Meanwhile, the trend pointed down mildly, with annual average inflation coming in at 4.1% in April (March: 4.2%). Core inflation fell to 3.2% from March’s 3.7%.
Author: Almanas Stanapedis, Economist