Consumers can breathe a sigh of relief as prices ease to their lowest level in three years.
This as data released by Statistics South Africa (Stats SA) shows that consumer price inflation (CPI) has cooled down further from 4.6% in July to 4.4% in August 2024.
Stats SA notes that contributions to the decline came from transport, housing, restaurants and hotels.
Inflation has now fallen below the South African Reserve Banks midpoint target, strengthening the case for increased interest rate cuts this year.
Independent economist Elize Kruger says a 50 basis point cut in interest rates could be justified after CPI fell to its lowest level.
