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South Africa Inflation Rises to 3.2% in January

The annual inflation rate in South Africa ticked up to 3.2% in January of 2021 from 3.1% in December and in line with market expectations, but still close to the lower band of the South African Reserve Bank’s target range of 3-6%.

Main upward pressure came from costs of education (6.4%, the same pace as in December) and restaurants & hotels (0.3% vs -0.4%).

In addition, prices fell much less for transport (-0.4% vs -1.6%), of which fuels (-8.6% vs -11.7%).

On a monthly basis, consumer prices went up 0.3%, following a 0.2% rise in the prior month and slightly below market consensus of a 0.4%

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