Inflation in South Africa fell to its lowest level in four years in October, official data showed Wednesday.
“Annual consumer price inflation was 2.8 per cent in October 2024… the lowest since June 2020 (during the COVID-19 pandemic) when the rate was 2.2 per cent,” Statistics South Africa (Stats SA) said in a statement.
The South African Reserve Bank is scheduled to meet on Thursday and could adjust interest rates.
October inflation declined from 3.8 per cent in the previous month, primarily because of falling fuel prices, according to the National Statistics Agency.
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“Petrol and diesel prices declined by 5.3 per cent between September and October,” said Stats SA.
It said annual inflation for food and non-alcoholic beverages fell from an average of 4.5 to 4.7 per cent over six months to 3.6 per cent in October.
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