Consumer prices in South Africa rose 6.4 percent year-on-year in October of 2016, following a 6.1 percent increase in September and above market expectations of a 6.3 percent gain. It was the highest inflation rate since February as cost of food and non-alcoholic beverages increased at a faster pace. Month-on-month, consumer prices increased by 0.5 percent following a 0.2 percent gain in the previous month.
Year-on-year, cost rose for housing and utilities (+5.4 percent, the same pace of the preceding month); food and non-alcoholic beverages (+11.7 percent from +11.3 percent), transport (+4.3 percent from +3.5 percent), and miscellaneous goods and services (+7.5 percent from +7.2 percent). Additional upward pressure came form: alcoholic beverage and tobacco (+5.2 percent, the same pace as in September); household contents and services (+4.1 percent from 4.0 percent).
On a monthly basis, consumer prices increased 0.5 percent after a 0.2 percent rise in a month earlier. Prices of housing and utilities were unchanged from a 0.5 percent increase in the previous month and cost rose for food and non-alcoholic beverages (+0.9 percent from +0.2 percent) and transport (+1.1 percent from -0.1 percent).
The core inflation which excludes prices of food, non-alcoholic beverages, petrol and energy increased to 5.7 percent from 5.6 percent rise in September.
11/23/2016 11:26:39 AM