Inflation in South Africa fell for the third month in a row in January, falling below seven percent after reaching a peak 13 years ago, data showed on Wednesday.
Consumer prices rose 6.9 percent last month compared to January 2022, following a year-on-year increase of 7.2 percent in December, national statistics agency StatSA said.
Global inflation eased after hitting its highest level in a decade as Russia’s invasion of Ukraine hit energy and food prices.
Inflation in South Africa reached 7.8 percent in July last year, the highest in 13 years.
Monetary leaders in South Africa, the continent’s most industrialized economy, have raised interest rates for more than a year to curb rising prices.
The latest increase, last month, took the benchmark rate to 7.25 percent, fueling the appetite for investment.
The central bank expects inflation to slow to 5.4 percent in 2023, compared to 6.9 percent last year