South Africa Inflation Rises Slightly To 2.8%

(RTTNews) - South Africa's consumer price inflation increased marginally in April after easing to more than a 4-year low in March, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 2.8 percent year-on-year in April, following a 2.7 percent rise in the prior month, which was the slowest inflation rate since June 2020.

Moreover, the inflation rate remained below the Reserve Bank's target range of 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, eased to 3.0 percent in April from 3.1 percent in March.

Costs for housing and utilities alone grew 4.4 percent in April from last year, and those for food and non-alcoholic beverages increased 4.0 percent. Meanwhile, transport charges were 3.9 percent less expensive.

On a monthly basis, consumer prices moved up 0.3 percent in April.