According to official statistics released on Wednesday, South Africa’s monthly inflation rate fell 0.4 percentage points to 5.1% in December.  The National statistics agency StatsSA said that the average inflation rate for 2023 was 6.0%, 0.9 percentage points lower than in 2022 and matching the upper limit of the central bank’s specified target range.

“Inflation was relatively hot in the first five months of 2023 (January-May), with the headline rate consistently above 6.0 per cent,” says the Bureau of Economic Analysis.

In December, the inflation rate for food and nonalcoholic drinks was 8.5%, down from 9.0% in November. StatsSA also reported that fuel costs have fallen by 2.7%.

However, the central bank has set an inflation target of three to six percent and held the main interest rate constant at 8.25 percent in November.

Gabriel Eleojo Umoru
Gabriel Eleojo Umoru
I'm Gabriel Eleojo Umoru, a graduate of Mass Communication from Prince Abubakar Audu University (formerly Kogi State University Anyigba, Kogi State). My hobbies include writing, surfing the internet and listening to music. I'm into voice editing and project management. I also help people out in their research projects.

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