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Financial News: South Africa Inflation At 7-Month High

South Africa Inflation At 7-Month High

11/25/2020 - 08:03:00 (RTTNews)

(RTTNews) - South Africa's inflation increased to the highest in seven months in October, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 3.3 percent year-on-year in October, after a 3.0 percent increase in September. Economists had expected the inflation to remain at 3.1 percent.

The latest inflation was the highest since March, when it was 4.1 percent.

The main contributions to the annual inflation came from food and non-alcoholic beverages, housing and utilities, and miscellaneous goods and services.

Prices for food and non-alcoholic beverages increased by 5.4 percent annually in October and housing and utilities cost rose by 2.8 percent.

Prices of miscellaneous goods and services rose 6.7 percent.

On a month-on-month basis, the consumer price index increased 0.3 percent in September. Economists had expected a 0.1 percent rise.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, was 3.4 percent in October. Economists had expected a 3.3 percent increase.

On a monthly basis, the core CPI rose 0.2 percent in October. Economists had forecast a rise of 0.1 percent.

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