South Africa’s consumer inflation rose to 4.0% year-on-year in April, up sharply from 3.1% in March, data from the statistics agency showed on Wednesday.
The increase was slightly above the 3.9% median forecast in a Reuters poll of economists. Officials said rising global energy costs contributed to the faster pace, with South Africa importing most of its fuel and remaining exposed to international price shifts.
Month-on-month inflation stood at 1.1% in April, compared with 0.6% in March.
The South African Reserve Bank targets inflation at 3%, with a tolerance band of 1 percentage point on either side. The bank’s next interest rate decision is scheduled for May 28, following two consecutive meetings where rates were left unchanged in January and March.
