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South Africa inflation rate rebounds in August

South Africa inflation rate rebounds in August

CAPE TOWN: Consumer price growth in South Africa picked up in August after striking its lowest level since 2015 in the previous month, underscoring the complex situation for the country’s central bank as it looks to bolster economic output but ease inflation.The consumer price index rose 4.8 per cent in August from the previous year, up from 4.6 per cent in July, according to official statistics. Economists had forecast a reading of 4.9 per cent.

Africa’s most industrialised economy emerged from recession in the second quarter, and the central bank cut rates for the first time in five years in July in a bid to spur growth. Price growth has fallen from highs of more than 6 per cent earlier in 2017, FactSet data show. However, the increase highlights the difficulty in boosting both growth and inflation which typically move in the same direction. The rand moved slightly higher against the dollar on the back of the data, to ZAR13.29.