{"id":53028,"date":"2023-08-23T09:06:46","date_gmt":"2023-08-23T09:06:46","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years"},"modified":"2023-08-23T12:05:47","modified_gmt":"2023-08-23T12:05:47","slug":"inflation-slows-to-lowest-level-in-two-years","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years","title":{"rendered":"Inflation slows to lowest level in two years"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Annual consumer price inflation slowed to its lowest level in two years reaching 4.7% in July, from 5.4% in June, according to Statistics SA.<\/p>\n

This is the lowest reading since July 2021, when the rate was 4.6%. It is also the second consecutive month that inflation was below the 6% upper limit of the SA Reserve Bank’s target range. According to a Reuters poll, economists expect the central bank to likely to leave its repo rate unchanged this year before kicking off a cutting cycle in early 2024.<\/p>\n

Consumer prices increased on average by 0.9% between June and July, up from the monthly rise of 0.2% recorded in both May and June.<\/p>\n

While it was previously a major upward driver of inflation, the transport category helped pull overall inflation down in July. Headline consumer inflation hit a 13-year high of 7.8% in July 2022, with transport contributing 3.4 percentage points to the headline rate, driven by fuel prices.<\/p>\n

Other factors contributing to the moderation of the headline rate was food and non-alcoholic beverages, which eased to 9.9% in July from June\u2019s 11%, while inflation for bread and cereals slowed to 13.1% from 15.5%<\/p>\n

Maize meal prices fell on average by 0.7% between June and July, while annual meat inflation declined for the fifth month in a row, easing to 5.1%.<\/p>\n

While the annual rate for milk, eggs and cheese eased marginally from 14.4% to 14.1%, cheese prices climbed with cheese spread prices up 19.5%, cheddar up 19% and gouda up 16.6%.<\/p>\n

Sugar prices were up as well. White sugar on average 20.8% and brown sugar 22.8% more expensive than a year ago. The sugar, sweets and desserts category recorded an annual inflation rate of 18.7%, up from 16.4% in June – its highest reading since May 2017.<\/p>\n

The annual rate of inflation for alcohol beverages also heated up, rising to 7.8% in July from 6.9% in June.<\/p>\n

Statistics SA is currently surveying municipal tariffs. Based on its preliminary data, on average, households are paying 14.5% more for electricity, while water tariffs increased by 9.6% and property rates by 2.9%. A complete analysis will be included in August’s consumer price index release.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Annual consumer price inflation slowed to its lowest level in two years reaching 4.7% in July, from 5.4% in June, according to Statistics SA. This is the lowest reading since July 2021, when the rate was 4.6%. It is also the second consecutive month that inflation was below the 6% upper limit […]<\/p>\n","protected":false},"author":84,"featured_media":53027,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-53028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nInflation slows to lowest level in two years - South Africa<\/title>\n<meta name=\"description\" content=\"Annual consumer price inflation slowed to its lowest level in two years reaching 4.7% in July, from 5.4% in June, accord ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation slows to lowest level in two years\" \/>\n<meta property=\"og:description\" content=\"Annual consumer price inflation slowed to its lowest level in two years reaching 4.7% in July, from 5.4% in June, accord ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-23T09:06:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-23T12:05:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692775979.519873.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Inflation slows to lowest level in two years\",\"datePublished\":\"2023-08-23T09:06:46+00:00\",\"dateModified\":\"2023-08-23T12:05:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years\"},\"wordCount\":352,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/08\/sm_1692775979.519873.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/inflation-slows-to-lowest-level-in-two-years\",\"name\":\"Inflation slows to lowest level in two years - 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