Inflation in South Africa dropped to the lowest level in two years in July, staying within the central bank’s target range, official data showed Wednesday.
Annual consumer price inflation slowed to 4.7 percent last month, down from 5.4 percent in June, national statistics agency StatsSA said in a statement.
This is the lowest recorded since June 2021, when inflation came in at 4.6 percent.
Food price inflation also eased in July although it remained one of the largest contributors to overall consumer price inflation.
Policymakers around the world are battling elevated inflation caused largely by surging energy and food prices following Russia’s invasion of Ukraine.
