South Africa Inflation Rises Slightly To 2.9%

(RTTNews) - South Africa's consumer price inflation increased marginally in November after easing to more than a 4-year low in October, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 2.9 percent year-on-year in November, following a 2.8 percent rise in the prior month, which was the slowest inflation rate since June 2020.

Nonetheless, the inflation rate remained within the Reserve Bank's target range of 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, eased to 3.7 percent in November from 3.9 percent in October.

Costs for housing and utilities alone grew 4.7 percent in November from last year, and those for food and non-alcoholic beverages increased 2.3 percent. Meanwhile, transport charges were 3.3 percent less expensive.

On a month-on-month basis, consumer prices stayed unchanged in November.