JOHANNESBURG – Inflation in South Africa fell to its lowest level in four years in October, official data showed yesterday.

“Annual consumer price inflation was 2.8% in October 2024, the lowest since June 2020 (during the Covid-19 pandemic) when the rate was 2.2%,” Statistics South Africa (Stats SA) said in a statement.

The South African Reserve Bank is scheduled to meet today and could adjust interest rates.

October inflation declined from 3.8% in the previous month, primarily because of falling fuel prices, according to the national statistics agency.

“Petrol and diesel prices declined by 5.3% between September and October,” said Stats SA.

It said annual inflation for food and non-alcoholic beverages fell from an average of 4.5 to 4.7% over a period of six months to 3.6% in October.

“This is the lowest rate since November 2019,” it added.

Africa’s largest and most industrialised economy is battling multiple fronts.

Last week, Stats SA said the unemployment rate had decreased for the first time this year, though it remained high at 32.1%.

The country has among the highest levels of inequality in the world, and poverty affects more than 60% of the population.

– Nampa/ AFP