South Africa consumer inflation rises in February

By Thomson Reuters Mar 20, 2024 | 3:14 AM

JOHANNESBURG (Reuters) -South Africa’s consumer inflation rose for the second month in a row in February to 5.6% year on year from 5.3% in January, statistics agency data showed on Wednesday.

The South African Reserve Bank, which targets inflation of between 3% and 6%, will announce a monetary policy decision next week.

The central bank is expected to wait until the third quarter of this year before announcing any rate cuts, a February poll showed.

Core inflation, which excludes food and fuel prices, accelerated in February to 5.0% in annual terms from 4.6% in January.

(Reporting by Anait Miridzhanian; Editing by Olivia Kumwenda-Mtambo)