South Africa

South Africa Inflation May 2023

South Africa: Inflation recedes to 13-month low in May

Inflation dropped to 6.3% in May from April’s 6.8%. May’s reading marked the weakest inflation rate since April 2022. Looking at the details of the release, the moderation was broad-based, with reduced price pressures recorded for housing and utilities, food and non-alcoholic beverages, and transportation.

Meanwhile, the trend was unchanged, with annual average inflation coming in at April’s 7.2% in May. Similarly, core inflation edged down to 5.2% in May, from April’s 5.3%.

Lastly, consumer prices rose 0.18% in May over the previous month, moderating from April’s 0.37% rise. May’s result marked the weakest reading since January.

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