Inflation rate drops to its lowest in 8 years in South Africa

South Africa records its lowest Annual consumer inflation of 3.7% since February 2011
Inflation rate drops to its lowest in nine years in South Africa

Inflation in South Africa reached an eight-year low last month on the back of low fuel prices, official figures showed Wednesday.

“Annual consumer inflation continued its downward streak, dropping to 3.7% in October from 4.1% in September,” South Africa’s statistics department StatsSA said Wednesday, adding that the figure was the lowest since February 2011.

Read: Zimbabwe’s inflation rate climbs to 175%

The announcement comes as a relief to Africa’s most industrialised economy, whose currency has been weakened by years of low growth and mass layoffs.

StatsSA said the drop was mainly fuelled by a 4.9-per cent decline in fuel prices from October last year.  

Your Friends Also Read:  China Grants Sub-Saharan Africa for Infrastructural Projects in 13 Years

Read: Tunisia’s inflation rate eases to 6.8%

Food and non-alcoholic beverages, housing, and goods and services were the main contributors to the annual rise in prices.

Among food, the most notable price increases were observed among bread and cereal, fish and fruit.

Average inflation stood at 4.2 per cent between January and October in 2019, down from 4.6 per cent over the same period last year.


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Eni, Algeria agree to extend Algeria gas contract till 2027

Contact: digital@newscentral.ng

Total
33
Shares

Leave a Reply

Previous Article
Ethiopia's Sidama referendum overwhelmingly votes for autonomous region

Ethiopia's Sidama ethnic group votes in referendum on statehood

Next Article
ADF rebels claim lives in Democratic Republic of Congo

ADF rebels claim lives in Democratic Republic of Congo

Related Posts
Powered by Live Score & Live Score App