By Aaisha Dadi Patel
JOHANNESBURG--South Africa's annual consumer price inflation inched down to 3.1% in December, from 3.2% in November, again just barely falling within the South African Reserve Bank's target range of between 3% and 6% annual inflation.
In 2020 overall, consumer prices increased by 3.3%, their lowest level since 2004, Statistics South Africa said Wednesday, as Africa's most developed economy battled with a devastating coronavirus outbreak and restrictions to quell its spread.
The data comes ahead of a central-bank meeting this week, where many economists expect the South African Reserve Bank to hold its key repo rate at 3.5%, despite estimating that the economy shrank 8% last year.
South Africa is battling a second surge of coronavirus infections, recording 1,356,716 infections and 38,288 deaths as of Tuesday night, more than any other African country.
Write to Aaisha Dadi Patel at aaisha.dadipatel@wsj.com
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01-20-21 0336ET
