South Africa: Inflation edges up in October
Consumer prices grew 0.5% from the previous month in October, matching September’s reading. Higher costs in the transport component drove the result amid higher oil prices. To that effect, core consumer prices—which exclude food and energy prices—rose 0.1%, down from September’s 0.5%.
Inflation climbed to 5.1% in October (September: 4.9%), landing within the South African Reserve Bank (SARB)’s target band of 3.0%–6.0% but slightly below market analysts’ expectations. Core inflation and annual average inflation, meanwhile, were stable from September’s readings, at 4.2% and 4.6% respectively.