South Africa’s (SA) consumer inflation has continued an upward trajectory, moving further from the Reserve Bank’s new target of 3%.
Statistics SA data shows the annual consumer price inflation was 3.6% in October, up from 3.4% in September.
The main contributors to the acceleration were housing and utilities, and food and non-alcoholic beverages.
High prices in the housing and utilities category are attributed to high electricity and water supply tariffs.
Food inflation decelerated further from 4.4% previously, to 3.9% in October.
Meat prices remain elevated, mainly as the livestock sector continues to battle animal diseases.
Prices of hot beverages and processed food also remain high.
The inflation reading further from the Central bank’s target, dims the chances of an interest rate cut ahead of Christmas.
–SABC–
