JOHANNESBURG (Reuters) – South Africa’s headline consumer inflation rose to 3.2% year on year in January from 3.0% in December, data from the statistics agency showed on Wednesday.
Economists polled by Reuters had forecast annual inflation would accelerate to 3.3%, still well below 4.5% – the level the South African Reserve Bank aims for.
The central bank has cut interest rates at its last three monetary policy meetings.
In month-on-month terms inflation was at 0.3% in January, versus 0.1% in December.
Wednesday’s release is the first to feature updated weights and changes to the goods and services in South Africa’s consumer inflation basket. The statistics agency included items like rosé wine, air fryers and streaming services to reflect changes in spending habits.
(Reporting by Bhargav Acharya and Sfundo Parakozov; Editing by Alexander Winning)
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