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Financial News: South Africa Inflation Rises Unexpectedly

South Africa Inflation Rises Unexpectedly

11/23/2022 - 05:25:00 (RTTNews)

(RTTNews) - South Africa's consumer price inflation increased unexpectedly in October, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 7.6 percent year-on-year in October, following a 7.5 percent increase in September. Economists had expected the inflation rate to slow to 7.4 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, rose to 5.0 percent in October.

Transport costs surged the most among the main components, by 17.1 percent annually, and prices of food and non-alcoholic beverages grew 12.0 percent.

Housing and utilities costs gained 4.3 percent and those for miscellaneous goods and services increased 4.8 percent.

On a month-on-month basis, consumer prices increased 0.4 percent in October. Economists had forecast a rise of 0.2 percent.

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