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South Africa consumer inflation falls to 15 year low

Christian Fernsby |
Growth in South Africa's consumer prices fell to its lowest in more than 15 years as the cost of fuel declined and spending slowed amid the coronavirus lockdown.

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At 2.1% year on year in May, according to national statistics agency figures published on Wednesday, inflation is also below the lower end of the central bank's target range, 3% to 6%.

Month-on-month, the consumer price index was -0.6%. Lower fuel prices linked to a global glut of crude oil sawe transport costs fall 8.4% on an annual basis. Other consumer items prices dropped expect for food prices, which increased 4.4%.

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