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.

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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.  

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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.

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