This morning, South Africa reported that consumer prices rose 5,1percent y/y in July, up from 4,6 percent y/y in the previous month. The July reading is still above market expectations of a 5,0 percent increase. On a month-on-month basis, consumer prices in the country rose 0,8 percent in July compared to the previous month.
The main drivers of higher consumer prices were transportation costs and housing and utilities, which increased to 1 percent and 1,3 percent in July, respectively. Miscellaneous goods and services, on the other hand, decreased to 0.9 percent in the same month.
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