South Africa Inflation Eases Slightly To 3.5%

(RTTNews) - South Africa's consumer price inflation moderated unexpectedly in November from a 13-month high in October, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 3.5 percent year-on-year in November, slower than the 3.6 percent rise in the prior month. Meanwhile, economists expected the rate to stay stable at 3.6 percent.

Moreover, the inflation rate remained within the Reserve Bank's target range of 2-4 percent. During November, the SARB shifted to a new inflation target of 3 percent plus or minus 1 percentage point from the previous 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, rose somewhat to 3.2 percent in November from 3.1 percent in October.

Costs for food and non-alcoholic beverages alone grew 4.4 percent annually in November. Prices for housing and utilities increased 4.5 percent, and transport charges logged an increase of 0.7 percent versus 1.5 percent growth in October.

On a month-on-month basis, consumer prices edged down 0.1 percent.