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South Africa Inflation Eases Sharply In May

South Africa's consumer price inflation eased sharply in May, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 2.1 percent year-on-year in May, after a 3.0 percent increase in May. Economists had expected a 2.2 percent rise.

In May, Covid-19 restrictions were eased and a wide range of goods and services were available for sale, the agency said.

The main contribution came from food and non-alcoholic beverages, housing and utilities, transport, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased by 4.4 percent annually in May and housing and utilities rose by 4.5 percent.

Prices for transport declined 8.4 percent, while those of miscellaneous goods and services rose 6.2 percent.

On a month-on-month basis, the consumer price index decreased 0.6 percent in May. Economists had expected a 0.5 percent fall.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.1 percent in May. Economists had forecast a 3.2 percent rise.

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