South Africa’s annual inflation quickened to a five-month high in October, a reading that’s unlikely to persuade the central bank to hike rates as the acceleration is likely to be temporary.
The Consumer Price Index (CPI) rose 5.9%, compared with 5.4% in September, Pretoria-based Statistics South Africa said Wednesday in a statement on its website.
Read: SA inflation breakevens tumble as rates seen on hold
ADVERTISEMENT
CONTINUE READING BELOW
That exceeded the median estimate of 5.6% by 19 economists in a Bloomberg survey.
Annual consumer inflation increased for a third consecutive month in October, rising to 5,9% from 5,4% in September.
Read more here: https://t.co/zpKLYxWFZr #CPI #StatsSA pic.twitter.com/OGeciQcV2e
— Stats SA (@StatsSA) November 22, 2023
While inflation moved further away from the midpoint of the central bank’s 3% to 6% target range, where it prefers to anchor expectations, softer oil prices and the rand’s appreciation against the dollar since the monetary policy committee last met on 21 September may result in price-growth easing in the coming months.
Read:
Sarb to hold repo rate at 8.25% – poll
Even small increases in food prices add up
Food inflation is still high around the world
© 2023 Bloomberg
