Inflation rises slightly to 5.1% in October - Stats SA | Fin24
 
  • Renewables

    The govt is assessing a R160bn plan to establish the world’s largest green-energy financing initiative.

  • Biggest Jump

    Oil prices have spiked after drone attacks in Saudi Arabia disrupted global supply.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Inflation rises slightly to 5.1% in October - Stats SA

Nov 21 2018 10:04
Fin24

StatsSA announced on Wednesday that annual consumer price inflation had come in at 5.1% for October, 0.2 percentage points higher than the 4.9% for September.

On average, prices increased by 0.5% between September 2018 and October 2018.

The figure was in line with analysts' expectations. 

Ahead of the announcement, NKC African Economics had forecast that annual CPI would be 5.2% in October, noting the main driver would be last month's hefty fuel price increases.

TreasuryOne, in a note to clients following the announcement, said the inflation figure meant there was a possibility of an interest rate hike on Thursday, as "inflation is creeping towards the upper end of the inflation band". 

The SA Reserve Bank's monetary policy committee will be announcing its repo rate decision at 15:00 on Thursday. 

The repo rate is the benchmark interest rate at which the bank lends money to other banks. Changes in the repo rate affect the prime lending rate, which is the lowest rate at which banks start lending to clients. 

The International Monetary Fund earlier in the week urged the central bank to keep inflation at its mid-point target goal of 4.5% to preserve price stability and central bank credibility.


* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

statssa  |  cpi  |  inflation
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...