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South Africa’s headline consumer inflation slowed more than expected in April to 6.8% year on year from 7.1% in March, data from Statistics South Africa showed on Wednesday.
On a month-on-month basis, consumer inflation was at 0.4% in April compared to 1.0% the previous month.
Analysts polled by Reuters had predicted April inflation of 7% year on year and 0.5% month on month.
The inflation figures come a day before the South African Reserve Bank announces its latest interest rate decision.
TheReserve Bank has hiked interest rates nine times in a row since November 2021 to try to tame inflation.
Read: Rand shock for IT sector
Analysts predict the Bank will raise its repo rate by another 25 basis points to 8%, but financial markets have been pricing in a larger rate hike. — (c) 2023 Reuters
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