Consumer inflation accelerated slightly in October, going against expectations that inflation will begin to slow as fuel prices decline.
Stats SA, which released the consumer price index data on Wednesday, said inflation accelerated to 7.6% in October, up from 7.5% in September and above the Thomson Reuters consensus of 7.4% .FNB expected headline inflation to remain steady at 7.5% in October, averaging 6.9% in 2022. The bank said it remains concerned about how the weak rand-dollar exchange rate, volatile international oil prices and higher global cereal prices could increase input costs and worsen the pass-through to consumers, adding to the normalisation in core inflation.The bank said the Reserve Bank is likely to take note of the core inflation data and its implications for intensifying price pressures.
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JUST IN | October inflation surprises with jump to 7.6% | BusinessOctober inflation increased to 7.6%. Economists had expected it to ease to 7.4%. | News24_Business _Business _Business They mustn’t be shy , decreases to 4.5% _Business Retailers are driving inflation and need to be investigated. They alway come out of periods of high inflation with record profits.
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