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Inflation rate at 18-month high
South Africa's consumer inflation rate hit its highest level in 18-months on the back of rising food prices and Statistic South Africa says that the July CPI figure rose to 5,3% year-on-year, up from 5% in June.
The New Age says that food inflation increased by 7,4% year-on-year in July, up from 7,1% previously. This follows comments from Reserve Bank Governor, Gill Marcus who hinted at a rate cut earlier this week because of the downturn in global economies.
Business Report says that the Reserve Bank had forecast that inflation would peak at 6,3%, slightly higher than the target range of between 3% and 6% but it says that Marcus believes the outlook for inflation was "benign" once the administered prices had been stripped from the figures.
Read more:
- The New Age: Inflation hits 18-month high
- Business Report: Inflation soars, rate cut eyed
- StatsOnline: Latest key indicators
