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South African inflation stable in May

By Thomson Reuters Jun 19, 2024 | 3:16 AM

JOHANNESBURG (Reuters) -South Africa’s headline consumer inflation came in at 5.2% year on year in May, the same as in April, statistics agency data showed on Wednesday.

In month-on-month terms, inflation was at 0.2% in May compared to 0.3% a month before, Statistics South Africa said.

The South African Reserve Bank has kept its main interest rate at its highest level since 2009 for more than a year to try to steer inflation to 4.5%, the midpoint of its target band.

The central bank said at last month’s monetary policy meeting that it remained concerned over elevated inflation expectations, estimating that inflation would only stabilise at 4.5% in the second quarter of 2025.

(Reporting by Bhargav Acharya and Tannur AndersEditing by Alexander Winning)