CPI cools, unlikely to prompt rate cut

Inflation eased in February, but the central bank is unlikely to view this as a reason to cut interest rates next week as it weighs the impact of conflict in the Middle East.

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Consumer prices rose 3% year-on-year, compared with 3.5% a month earlier, Statistics South Africa said yesterday. The median estimate of 15 economists in a Bloomberg survey was 3%.1%.

The South African Reserve Bank targets 3% inflation, but the data probably won't sway expectations that it will leave the benchmark rate unchanged at 6.75% at the conclusion of its policy meeting on 26 March.