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Inflation accelerates in October, shattering market expectations

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Economists are concerned about how the weak rand, volatile oil prices and higher global cereal prices will affect consumers

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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