Annual inflation in South Africa in July measured 4.7%. This was according to the latest figures from Stats SA.
On a month-to-month basis inflation had been measured at 0.9%. It was the lowest annual inflation rate recorded since July 2021, when inflation had been 4.6%.
The latest figures are the second consecutive month that annual inflation has been within the Reserve Bank’s inflation target of between three and six percent. This could mean that interest rates could start going down after a series of increases, in an attempt to combat inflation.
However, annual food inflation was still high, with the annual price increase in July for food being 10%.
There were also differences in the inflation rate between provinces. KwaZulu-Natal had the highest annual inflation rate in July, at 5.9%, with the lowest being recorded in Gauteng, at 4.3%.