South Africa

South Africa Inflation June 2023

South Africa: Inflation falls to 20-month low in June

Inflation eased to 5.4% in June from May’s 6.3%. June’s result represented the weakest inflation rate since October 2021 and marked the first time inflation reentered the South African Reserve Bank’s 3.0–6.0% target range since April 2022. Looking at the details of the release, the moderation chiefly reflected slower growth in prices for food and non-alcoholic beverages and transport, with the latter growing a far-milder 1.8% year on year in June (May: +7.0% yoy). These developments more than offset stronger price increases for housing and utilities.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 7.0% in June (May: 7.2%). Meanwhile, core inflation edged down to 5.0% in June from the previous month’s 5.2%.

Finally, consumer prices rose 0.18% in June over the previous month, matching May’s reading. June’s result was the softest rise in prices since January.

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