In July, inflation in South Africa dropped to its lowest point in three years, according to official data released Wednesday.
Annual consumer price inflation reached 4.6%, down from 5.1% in June, StatsSA reported.
StatsSA highlighted that after maintaining the 5-6% range for ten months, consumer price inflation finally slowed to its lowest level since July 2021.
The decline signals a significant shift in the inflation trend.
Despite this, South Africa continues to struggle with high unemployment, poverty, and sluggish economic growth.
The unemployment rate surged to nearly 33.5% in Q2 2024, close to a record high, StatsSA revealed.
StatsSA reported that 8.4 million people were unemployed in Q2, a sharp increase from 5.2 million in 2014.
Food inflation dipped slightly, but bread and cereal prices saw an increase from 5.2% to 5.6%.
Transport inflation eased to 4.2% in July from 5.5% in June, with fuel prices falling for a second month.
The central bank kept its interest rate at 8.25% in July, aiming to keep inflation within the 3-6% target range.
