Consumer price growth slowed to 4% from 4.5% in June, the Pretoria-based Statistics South Africa said Wednesday in an emailed statement.

The median estimate of 15 economists in a Bloomberg survey was 4.3%.

Key Insights:

·         Inflation has remained at or below the 4.5% midpoint of the central bank’s target band every month since December, the longest such streak in more than eight years.

·         The Monetary Policy Committee revised its inflation forecast for the year to 4.4% from 4.5% at its July meeting. The panel cut the benchmark interest rate by 25 basis points to 6.5%.

·         A volatile exchange rate and potential return to economic growth in the second quarter may limit the scope for further easing in 2019.

·         With consumer spending under pressure, the prices of clothing and footwear and household appliances rose less than 2% from a year before, adding to the lower inflation rate.