South Africa: Inflation inches up in December
Consumer prices rose 0.5% in December over the previous month, coming in above the 0.1% month-on-month rise in November. December’s increase reflected higher prices of food products, transport, and housing and utilities.
Inflation rose from 4.6% in November to 4.7% in December, remaining within the Central Bank’s target range of 3.0%–6.0%, where it has been since April 2017. Meanwhile, annual average inflation inched down from 5.4% in November to 5.3% in December.
Core consumer prices—which exclude food, non-alcoholic beverages, energy and gasoline—increased from a flat reading in November to a 0.3% month-on-month increase in December. Core inflation in December moderated from 4.4% in November to 4.2%, the lowest reading since May 2012.