Inflation in South Africa reached a 22-month low

Consumer price inflation in South Africa slowed more than expected in July to its lowest level in about two years, said statistics South Africa on Wednesday. The consumer price index increased by 4.6% yoy in July, slower than the growth of 5.1% in June. Economists expect that inflation will slow to 4.7%. Moreover, the figure was the weakest since September of 2016, when prices rose by the same 4.6 percent. The price level for food and non-alcoholic products added to 6.8% yoy in July, while transportation costs jumped 1.0 percent. On a monthly basis, consumer prices increased by 0.3% in July, in line with expectations.

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