Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

S.African inflation drops to 4.2 percent: data

JOHANNESBURG, July 28 – South Africa\’s annual inflation rate dropped to 4.2 percent in June, aided by lower food and transport prices, the national statistics agency said Wednesday.

"The official inflation rate was 4.2 percent at June 2010. This rate was 0.4 of a percentage point lower than the corresponding annual rate of 4.6 percent in May 2010," Statistics South Africa said in a statement.

Inflation has been steadily declining from double-digit highs in 2008.

The agency reported a decline in food and transport costs due to lower petrol prices, while in housing and utilities, prices ticked up slightly.

The figures covers the opening of South Africa\’s soccer World Cup, which was expected to push up prices.

But the statistics agency said only hotels showed a significant increase in prices while restaurants showed a slight increase and airfares actually dropped.

"June was the month of the World Cup of course, when one would have expected to see much more evidence of opportunistic price increases, however that appears to be largely absent," said Razia Khan, head of Africa research for Standard Chartered Bank.

Although a recession ended last year, there are concerns on the recovery as South Africa lost 61,000 jobs across all industries between the first and second quarters, denting demand.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...