Annual consumer price inflation slowed to its lowest level in two years, reaching 4.7% in July, from 5.4% in June. This reading is the lowest since July 2021, when the rate stood at 4.6%. Notably, this is the second consecutive month where inflation remained below the upper limit of 6% within the SA Reserve Bank’s target range. Economists, as per a Reuters poll, anticipate that the central bank will probably maintain the current repo rate throughout the year, but initiate a cutting cycle in early 2024.
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