South Africa’s headline consumer inflation slowed more than expected in May, to 6.3% year on year from 6.8% in April, Statistics South Africa data showed on Wednesday.
On a month-on-month basis, consumer inflation was at 0.2% in May compared to 0.4% in the previous month.
Read: Cash-strapped consumers place pressure on food producers
Economists polled by Reuters had predicted year-on-year inflation of 6.5% and 0.4% month-on-month.
Annual consumer price inflation slowed to 6,3% in May from 6,8% in April. This is the lowest reading since April 2022 when the rate was 5,9%.
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— Stats SA (@StatsSA) June 21, 2023
Core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, was at 5.2% year on year in May, from 5.3% the previous month.
Read: SA’s GDP growth to expand 0.3% in 2023 – poll
The latest inflation figures are further evidence that price pressures in Africa’s most industrialised economy are easing.
Annual inflation was last lower in April 2022, when it was at 5.9%, just within the central bank’s 3%-6% target range.
