Rand Dips as Consumer Inflation Rises to 3.2% for July

The South African economy is resilient. Consumer inflation has risen to 3.2% year-on-year in July from 2.2% in June, according to data received from Statistics South Africa on Wednesday.

The consumer price index on a month-on-month basis reached 1.3% in July from 0.5% from the previous month.

Core inflation, however increased to 3.2%in July from 3.0% in June. Meanwhile core inflation increased to 0.7% from 0.3% for July and June respectively month-on-month.

This could not sustain the Rand as it lost two days of stability. By  06.50% GMT, the Rand sold for 16.8550 to a dollar.

Local financial markets have shrugged off the latest bout of power cuts so far, but they highlight the obstacles to growth in Africa’s most industrialised economy.

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Official forecasts are for a contraction of at least 7% this year, as a strict lockdown from late March piled pressure on local businesses and the coronavirus pandemic dented global demand for South African exports.

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