South Africa: Inflation lands at SARB’s midpoint target in May
Consumer prices increased 0.3% month-on-month in May, down from 0.6% in April. May’s outturn was attributable mainly to rising fuel costs. Core consumer prices, in turn, were flat from April (April: +0.3% month-on-month).
Inflation picked up to 4.5% (April: 4.4%), landing at the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. Core inflation, meanwhile, was stable from April at 4.1%. Lastly, annual average inflation was stable from April at 4.6%.