Annual headline consumer price inflation for April has moderated to 4.4% Stats SA announced on Wednesday morning, a figure in line with the expectations of economists.
This is within the target range of between 3% and 6% set by the SA Reserve Bank, and slightly down from CPI of 4.5% in March.
On month-on-month basis, inflation increased 0.6%.
Ahead of Wednesday's announcement, analysts from NKC Economics had projected inflation to stay flat at 4.5%, as did Corporate Treasury Manager at Peregrine Treasury Solutions, Bianca Botes.
Inflation for goods increased 4.2%, up from 4.1% in March. Inflation for services increased by 4.6%, down from 4.9% reported in March.
The main drivers of yearly inflation were alcoholic beverages and tobacco, transport and recreation and culture items.
Senior dealer at TreasuryONE, Andre Botha, said he expects the rand's reaction to the inflation figures to be muted.
"The real potential market mover could be the [US] Fed minutes that will be released this evening and the market will be looking at any indication if the Fed has changed some of their dovish feathers to more hawkish," Botha said.
"We expect the rand, to trade sideways in a tight range as we head into the business end of the week."