Electron Native

South Africa’s annual inflation rate has fallen to a six-month low in July. Consumer price growth has slowed to 4 percent from 4.5 percent in June, according to Statistics South Africa. The median estimate of 15 economists in a recent Bloomberg survey was 4.3 percent.   Statistics South Africa. Source : Stats SA Inflation has remained at or below the 4.5 percent midpoint of the central bank’s target band every month since December. This is the longest of such streak in more than eight years. The Monetary Policy Committee revised its inflation forecast for the year to 4.4 percent from 4.5 percent at its July meeting. The panel cut the benchmark interest rate by 25 basis points to 6.5 percent. A volatile exchange rate and could see a potential return to economic growth in the second quarter. But, this may limit the scope for further easing in 2019.

South Africa’s second quarter(Q2)unemployment has risen to 29% in the second quarter (Q2) from 27.6% in the first quarter of 2019. This has been   driven by employment losses in private households, transport and mining, according to data from Statistics South Africa . South African youths protesting their lack of jobs This is  the highest jobless rate that South Africa has recorded.  The last time was in 2008 during the last Global Economic Meltdown and that was when the quarterly survey started. Statistician general, Risenga Maluleke added at a press conference that it would be difficult to create jobs in a shrinking economy.   There were 6.7 million people without jobs in the three months to the end of June, compared with 6.2 million people in the previous quarter, Statistics South Africa said its quarterly labour force survey. South Africa’s economy has contracted by 3.2% in the first three months o...