South Africa's Inflation Continues to Drop

Annual consumer price inflation eased to 5.1 percent in December from 5.5 percent in November and 5.9 percent in October, according to data released by Statistics South Africa (Stats SA).

The average inflation rate for 2023 was 6 percent, down from 6.9 percent in 2022, said Risenga Maluleke, statistician-general of South Africa and head of Stats SA.

"Inflation was relatively hot in the first five months of 2023, with the headline rate consistently above 6 percent. Inflation eased below this level for the remaining seven months of the year," he said.

Maluleke noted that the country's highest inflation reading in 2023 was 7.1 percent in March, while the lowest was 4.7 percent recorded in July.

The South African Reserve Bank, the country's central bank, will announce its latest repurchase rate on every Thursday.

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