South Africa’s national statistics agency StatSA Wednesday said consumer prices rose 6.9 percent last month compared to January 2022, after a year-on-year increase of 7.2 percent in December.
Inflation around the world is easing after striking the highest levels in decades last year as Russia's invasion of Ukraine drove up energy and food prices.
Inflation in South Africa reached 7.8 percent in July last year, its highest in 13 years.
According to economists President Cyril Ramaphosa’s administration has been raising interest rates for over a year to tame rising prices.
The latest hike, last month, took the benchmark rate to 7.25 percent, hitting the appetite for investment.
The central bank expects inflation to slow to 5.4 percent in 2023, compared to 6.9 percent last year.
