South Africa: Inflation hits 7-month low in December
Consumer prices fell 0.2% from a month earlier in December, contrasting November’s 0.2% month-on-month rise. Sharply lower fuel costs were behind the reading. To that effect, core consumer prices—which exclude food and energy prices—actually rose 0.3%, up from 0.2% in November.
Inflation fell to 4.5% (November: 5.2%), landing at the midpoint of the South African Reserve Bank (SARB)’s target band of 3.0%–6.0% and in line with analysts’ expectations. Core inflation was stable from November at 4.4%, while annual average inflation ended last year at 4.6%.