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Inflation steady at 5.6%

Dec 12 2012 10:24 Reuters

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Johannesburg - South Africa's headline consumer inflation steadied at 5.6% year-on-year in November from October, in line with market expectations.

Statistics South Africa said inflation braked to 0.2% on a month-on-month basis from 0.6% in October.

The rand firmed to R8.6570/$ at 10:13, from R8.6645 before the data was released at 10:00.

The South African Reserve Bank (Sarb) cut interest rates for the first time in 20 months in July partly because of softer-than-expected inflation prints.

It left rates unchanged in the two meetings since, saying the risks to the inflation outlook were more or less balanced, with higher food and oil prices posing the main upside risk.

Statistics South Africa has changed the weightings in its consumer price index basket to give a slightly lower weighting to food, while petrol and electricity weightings will rise.

The new weights will apply from January 2013.

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