South African inflation falls to 5.1% y/y in December

South Africa's headline consumer inflation fell to 5.1% year on year in December from 5.5% in November (ZACPIY=ECI), statistics agency data showed on Wednesday.

Core inflation (ZACPYY=ECI), which excludes food and fuel prices, was unchanged at 4.5%, the statistics agency said.

December's headline reading remains within the South African Reserve Bank's inflation target range of 3% to 6%.

The South African Reserve Bank (SARB) will announce a monetary policy decision on Thursday and is expected to keep its repo rate (ZAREPO=ECI) steady at 8.25%.

SARB Governor Lesetja Kganyago has said he wants inflation to stabilise around 4.5%, the mid-point of its target band, before considering rate cuts.

Article and image originally appeared on Reuters