South Africa's Consumer Price Index Rose to 4.8% in August From 4.6% in July
By Gabriele Steinhauser
JOHANNESBURG--South African consumer prices increased 4.8% in August compared to a year earlier, the country's statistics office said Wednesday, marking a slight increase from July, but staying firmly within the central bank's target range.
August's inflation reading, which compares to an annual price increase of 4.6% in July, leaves the door open for the South African Reserve Bank to further cut interest rates as soon as Thursday. The bank's monetary policy committee reduced its main repo rate to 6.75% from 7% at its last meeting in July as Africa's most developed economy battles with low growth and high unemployment.
Prices for food and nonalcoholic beverages rose at a lower rate in August, the statistics office said, while transport costs increased at a faster pace compared to July.
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(END) Dow Jones Newswires
September 20, 2017 04:33 ET (08:33 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.