South Africa

South Africa Inflation January 2024

South Africa: Inflation increases in January

Inflation came in at 5.3% in January, which was up from December’s 5.1%. January’s reading marked the highest inflation rate since November 2023. Looking at the details of the release, the acceleration reflected transportation prices rising at a quicker pace in January compared to the previous month, which outweighed price pressures for food and non-alcoholic beverages easing. Lastly, prices for housing and utilities rose at the same pace in January from the prior month.

Still, the trend pointed down slightly, with annual average inflation coming in at 5.8% in January (December: 5.9%). Meanwhile, core inflation ticked up to 4.6% in January, from December’s 4.5%.

Finally, consumer prices rose 0.09% from the previous month in January, following the flat result logged in December. January’s uptick was the highest reading since October 2023.

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