South Africa's annual inflation climbs to 3.2%
South Africa President, Cyril Ramaphosa

South Africa’s annual consumer inflation rate climbed to 3.2 per cent in July from 2.2 per cent the previous month, driven mainly by transport, food and housing prices, official statistics showed Wednesday.

Prices are starting to pick up as the economy gradually re-opens after months of tight restrictions imposed to limit the spread to coronavirus.

Under the hard lockdown, consumer inflation rate in May declined to a 15-year low of 2.1 per cent.

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The continent’s most industrialised economy which was was already in recession when it was hit by the virus in March, is projected to shrink by at least 7.2 per cent in 2020, the deepest slump in 90 years.

With more than 613,000 diagnosed cases, South Africa now has the most number of coronavirus infections on the continent.

[AFP]

Vanguard News Nigeria.

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