2023.11.2209:20:00UTC+00South Africa Inflation Rises To 5.9%, Highest In 5 Months

South Africa's consumer price inflation accelerated more-than-expected in October to the highest level in five months, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.9 percent year-on-year in October, faster than the 5.4 percent increase in September. The rate was expected to rise slightly to 5.5 percent.

In addition, the inflation rate remained just 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 somewhat to 4.4 percent in October from 4.5 percent in September. The expected rate was 4.3 percent.

Prices for food and non-alcoholic beverages alone grew 8.7 percent in October from last year, and those for housing and utilities increased 5.4 percent.

Transport costs also grew sharply by 7.4 percent amid a 11.2 percent surge in fuel prices.

On a month-on-month basis, consumer prices moved up 0.9 percent in October, surpassing the expected gain of 0.5 percent.