Johannesburg – South African consumer prices ticked up to an above target rate of 6.4 percent last month, heaping pressure on the central bank as it decides whether or not to raise interest rates.
Statistics South Africa said its consumer price index rose by 0.1 points in the month of August, elevated by higher food and motor vehicle prices.
That is above the upper end of the South African Reserve Bank’s target band of three to six percent.
The bank will decide on Thursday whether to raise rates again.
That would ease pressure on consumers but could put the brakes on an economy already teetering on the brink of recession.
Standard Chartered Bank economist said the central bank will “most likely keep interest rates on hold tomorrow” given the poor growth outlook. – AFP
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