By Thebe Mabanga
South Africa’s inflation rate edged slightly upwards in September, in line with market expectations, pushed upwards partly by housing costs and utilities
On Wednesday, Statistics South Africa reported that the Consumer Price Index (CPI) for September edged up to 3.4 % year on year, up from 3.3 % in August.
This significantly reduces any prospect of a rate cut in November as the National Treasury and the South African Reserve Bank mull over a new inflation target while the latter has clearly expressed its preference for a lower anchor of the target around the current lower end of the inflation target of 3%.
“Annual inflation accelerated across several product categories, most notably transport and restaurants & accommodation,” Stats SA said in a statement.
“In contrast, food & non-alcoholic beverages (NAB); alcoholic beverages & tobacco; and furnishings, household equipment & routine maintenance recorded lower rates.”
Meat inflation
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