South Africa's annual inflation slowed to the lowest level in fourteen months in July, and was below economists' forecast, data released by Statistics South Africa showed Wednesday.
The consumer price index increased 4.9 percent annually in July, after rising 5.5 percent in June. Economists had forecast inflation to ease to 5.2 percent. The latest growth was the smallest since May 2011, when prices rose 4.6 percent.
Food prices rose 5.4 percent annually during the month, while housing costs and utility prices advanced 5.7 percent. Transportation costs were higher by 4.6 percent compared to last year, and clothing and footwear prices by 3.6 percent.
Sequentially, consumer prices edged up 0.3 percent in July, slower than the 0.6 percent gain economists expected.
by RTT Staff Writer
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