Food prices soar pushing inflation to above 6%
238 views · Published 23 May 2016 · 2:50 · Indexed 20 September 2026
Channel: CGTN Africa · 2016 · News & Politics
Food prices in South Africa have hit their highest levels on record. The country is grappling with its worst drought in more than a century. A weaker exchange rate is adding to the steep rise in food prices, which is pushing up overall inflation. Consumer inflation breached the target band of 6% earlier this year prompting the Reserve Bank to hike rates. But the Bank halted its rate tightening cycle in its latest meeting giving consumers some relief.
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