Inflation in South Africa Decreased in March.

Inflation in South Africa Decreased in March.

Inflation in South Africa dropped to 5.3% annually in March, indicating that the continent’s most developed economy was winning the pricing war.

According to statistics released by the statistics department on Wednesday, the headline rate of consumer inflation increased to 5.6% in February from 5.3% in January.

Even still, it is unlikely that the South African Reserve, which aims to reduce inflation to 3% and 6%, will soon announce a reduction in interest rates.

For a few months now, the bank has maintained its base interest rate at 8.25 percent.

The International Monetary Fund (IMF) reduced its growth prognosis for South Africa on Wednesday, bringing its estimates for the country’s GDP growth in 2024 down to only 0.9%.

This revision is lower than the 1% the lender assessed in January. The GDP projection for South Africa is the second lowest in Sub-Saharan Africa; the only country with a worse estimate is Equatorial Guinea (0.5%).

Already battered by the epidemic, South Africa’s economy has been hit by a number of catastrophes, including severe infrastructure failures, flooding, and extensive power and water outages.

According to the IMF, the nation will still struggle with high unemployment and inflation this year.

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