South Africa’s Annual Inflation Rate Declines in August

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The FINANCIAL — South Africa’s annual inflation rate fell slightly more than economists expected in August, thanks in large part to lower gasoline prices across the country, according to Nasdaq.

The annual inflation rate was 4.6% in August, South Africa’s statistical agency said on September 23, down from an annual rate of 5% in July. Economists had expected the rate to fall to 4.7% in August.

Still, the inflation rate is up from 3.9% in February. South Africa’s central bank will announce its latest decision on interest rates later on September 23. Easing inflation should underpin expectations from economists for the bank to keep its key interest rate on hold at 6% after hiking 25 basis points in July.

 

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