South Africa’s inflation: a February ascent

South Africa witnessed in February a rise in consumer inflation for the second consecutive month, reaching 5.6 per cent year on year, up from 5.3 per cent in January, statistics agency data showed on Wednesday, according to Reuters.

The South African Reserve Bank, which aims for an inflation rate between 3 per cent and 6 per cent, is set to make a monetary policy announcement next week.

A poll conducted in February suggests that the central bank will likely hold off on any rate cuts until the third quarter of this year.

Meanwhile, core inflation, which excludes the impact of food and fuel prices, saw an increase in February, rising to 5.0 per cent annually from 4.6 per cent in January.