South Africa’s annual headline inflation rate stood at 5.9% in April 2013, at the same level as in March, just below the upper end of the central bank’s 3%-6% target range, Statistics South Africa said. Compared month-on-month, consumer prices rose 0.4% in April, slower than the 1.2% growth in March.
The prices of food and non-alcoholic beverages grew 0.5% m/m last month, pushing the annual food inflation rate up to 6.2% from 5.7% in the previous month. Higher petrol prices led to a 0.5% monthly growth in transport prices, but the annual transport inflation rate fell to 6.2% last month from 7.5% in March.
According to analysts, the key driver for inflation was the weakness of the local currency, while demand has remained subdued. It is widely expected that the South African Reserve Bank would keep interest rates on hold at 5% at its Thursday (May 23) meeting in order to keep a balance between upside risks to inflation and a sluggish economy.
The central bank has projected headline inflation to rise to 6.3% in Q3, but to slow to 5.2% in Q4.
Related Articles
Guinea-Bissau soldiers announce seizure of power as post-election tensions deepen
Soldiers in Guinea-Bissau appeared on state television on Wednesday (November 26) saying they had seized power, hours after gunfire was reported near the presidential palace in Bissau, three days ... more
Guinea-Bissau president says coup attempt underway as gunfire erupts in capital
Guinea-Bissau’s President Umaro Sissoco Embaló said on November 26 that a coup was underway in the country, telling Jeune Afrique he had been detained by soldiers at the presidential palace in ... more
Vodacom taps Google Cloud to accelerate AI-driven transformation across Africa
Vodacom (JSE:VOD) has signed a strategic collaboration agreement with Google Cloud, enabling the South African operator to deploy advanced AI and data-analytics tools across its African markets. The ... more
Most Read
-
US expands oil sanctions on Russia
1 month ago
-
India’s smart metering push gains momentum
4 months ago