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Lower food costs eases S.Africa inflation slightly

By AFP

May 22, 2024 08:59 PM


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Inflation in South Africa cooled for a second consecutive month in rare good news for the country's economy ahead of a tight poll next week, data showed Wednesday.

Annual consumer price inflation reached 5.2 percent in April month, down from 5.3 in March, national statistics agency StatsSA said.

The economy is among voters' main concerns ahead of the May 29 poll, amid high unemployment, poverty and sluggish growth.

Last week StatsSA announced that South Africa's jobless rate rose in the first quarter of 2024 to 32.9%.

"Annual inflation for food... moderated further from 5.1% in March to 4.7% in April, representing a fifth consecutive month of decline."

Vegetables, fruit and hot beverages however did not experience lower annual rates.

Egg price inflation also slowed for a fifth consecutive month after peaking at 39.9% in November amid an egg shortage owing to an outbreak of avian influenza.

The central bank has set a target for inflation of between three and six percent and kept its main interest rate unchanged at 8.25 percent in March.


AFP


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