SOUTH AFRICA’S INFLATION RATE DECLINES, ACCORDING TO LATEST STATISTICS FOR FEBRUARY

PRETORIA– Statistics South Africa (StatsSA) has released the February consumer price inflation figure, which show the rate declining to an annualised 4.0 per cent compared with a rate of 4.4 percent recorded in January.

Month-on-month, however, the consumer price inflation rose in February to 0.8 per cent from 0.3 per cent in January.

This figure for February keeps inflation comfortably within the South African Reserve Bank’s target band of inflation and could support the bank’s move to cut interest rates by 0.25 percentage point next week.

Meanwhile, the central bank has announced a widening of the country’s current account deficit to 2.9 per cent of gross domestic product (GDP) in the fourth quarter of last year, compared with a deficit of 2.1 per cent of GDP in the third quarter.

Source: NAM NEWS NETWORK