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JOHANNESBURG Candido Ramirez World Cup Jersey , Sept. 20 (Xinhua) -- The South Africa inflationjumped to 4.8 percent year-on-year in August from 4.6 percent inJuly, according to figures released by Statistics SA onWednesday.
The consumer price index (CPI) climbed up as expected by themarket, thanks to the increases in the fuel price.
"It was expected that fuel induced inflation would jump to 4.9percent Andres Guardado World Cup Jersey ," Rand Merchant Bank analyst Gordon Kerr said in aninvestor meeting on Wednesday in Johannesburg.
The August inflation figures are still within the Reserve Bankbases of 3 to 6 percent target and has been within that band sinceApril this year.
The food inflation decelerated to 5.7 percent year-on-year inAugust from 6.8 percent in the previous month.
"This is the lowest levels since November 2015, thanks to goodsummer rain, which led to a higher agricultural output. While weexpect further moderation in the next few months Alfredo Talavera World Cup Jersey , the picture ofthe food basket remains mixed," Wandile Sihlobo an economist atAgbiz told Xinhua on Wednesday.
"All food products have decelerated, with the exception of meatwhich remains stickier Yasser Corona Mexico Jersey , recording 15 percent year-on-year in August2017, which is the highest level since December 2011. This is onthe back of the spreading avian influenza and cattle restockingprocess after the 2015-16 drought," he added.
The increase in meat inflation came as no surprise given thatover 3 million birds have been culled or died due to the spread ofavian influenza.
In addition Raul Jimenez Mexico Jersey , the ongoing cattle restocking process also adds tothe uptick in the meat inflation. Farmers slaughtered 203,647 headsof cattle in July, which is 13 percent lower than the correspondingperiod last year Rafael Marquez Mexico Jersey , according to data from the Red Meat LevyAdmin.
Meanwhile, the market expects the monetary policy committee(MPC) to announce a cut in the interest rates on Thursday.
Breads and cereals prices fell 1.2 percent in August from a yearearlier, after a 2-percent increase in July Paul Aguilar Mexico Jersey , according to thefigures released. Enditem
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