South African inflation edged up in January in the first release since the statistics agency updated its consumer price basket, but the headline rate remains near the bottom of the central bank’s target range.
Source: Reuters/Lelethu Madikane
Inflation rose to 3.2% year on year in January from 3.0% in December, lower than the 3.3% forecast by economists and still well within the South African Reserve Bank’s range of 3% to 6%.
Annual core inflation, which strips out volatile items, such as food and energy, came in at 3.5% in January, in line with analysts’ expectations.
South Africa’s central bank has cut interest rates at its last three monetary policy meetings, but its last move in January followed a split decision as it stressed the uncertain global backdrop.
