Inflation has slowed to 6.3%, from 6.8% in April, and this is the lowest reading since April 2022 when the rate was 5,9%.
JOHANNESBURG - Consumers are expected to feel some reprieve as inflation has continued to cool, slowing to 6.3% for May - a 13-month low.The Reserve Bank has been raising the repo rate to stop rising inflation, and this figure is now moving closer to the target range of between three and six percent.This is good news for struggling consumers who are worried that the Reserve Bank will continue to increase the repo rate.
Stats SA said the latest inflation figure was the lowest since April last year and was also impacted by lower fuel prices. Further, household spending is up, showing people have more money to use - with many rekindling a liking for restaurants and hotels. Stats SA said increased household expenditure in the first quarter of the year was mainly driven by spending on restaurants and hotels, which jumped by 6.9.
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