(RTTNews) - South Africa's consumer price inflation slowed for an eighth month in a row in June to its lowest level in nearly two years, preliminary data from Statistics South Africa showed Wednesday.

Separate data from the statistical office showed that retail sales continued to decline in May.

The consumer price index rose 5.4 percent year-on-year following a 6.3 percent increase in May. Economists had forecast 5.6 percent inflation.

The latest inflation rate was the weakest since October 2021, when it was 5.0 percent.

Headline inflation sank below the upper limit of the South African Reserve Bank's monetary policy target range, the statistical office said.