South Africa: Inflation inches up in October
November 18, 2015
In October, consumer prices increased 0.26% over the previous month, which was up from the flat reading seen in September and marked a three-month high. According to Statistics South Africa, October’s result mainly reflects higher prices for food and non-alcoholic beverages.
Inflation inched up from 4.6% in September to 4.7% in October, which also marked a three-month high. As a result, inflation is still within the Central Bank’s target range of 3.0%–6.0%. Annual average inflation inched down from September’s 4.8% to 4.7% in October, the lowest reading since October 2011.
Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.2% over the previous month, which was below the 0.4% increase observed in September. Finally, core inflation inched down from 5.6% in September to 5.5% in October.
Author: Dirina Mançellari, Senior Economist