Consumer inflation slows, helped by food, fuel and power prices
Moderating food, fuel and energy prices helped a further slowdown in CPI inflation, keeping it within the Reserve Bank’s 3%-6% target band for the fourth month
Consumer inflation slowed much as expected in July, with the consumer price index rising 4.6% from a year earlier. That was slower than June’s 5.1% increase, and better than the expectations of 4.7%-4.8%, and meant inflation was within the Reserve Bank’s 3%-6% target band for the fourth month. Investec’s Kamilla Kaplan had expected inflation to slow to 4.7%, citing falling fuel prices and slowing food inflation. A smaller electricity price increase than a year earlier would also help, she said. Statistics SA’s data showed on Wednesday that food prices rose 6.8% from a year earlier in July, after a 7% increase in June.
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