South Africa Inflation Remains Stable At 2.8%

(RTTNews) - South Africa's consumer price inflation held steady in May after rising marginally in the previous month, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 2.8 percent year-on-year in May, the same as in April.

Moreover, the inflation rate remained below the Reserve Bank's target range of 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, also remained steady at 3.0 percent.

Costs for housing and utilities alone grew 4.5 percent in May from last year, and those for food and non-alcoholic beverages increased 4.8 percent. Meanwhile, transport charges were 4.8 percent less expensive.

On a monthly basis, consumer prices increased 0.2 percent in May.