Consumer inflation jumps for third consecutive month
Annual consumer inflation has climbed for the third month in a row.
Statistics South Africa says it increased to 5,9% last month from September's 5,4%.
The agency's Patrick Kelly says this brings CPI closer to the upper limit of the South African Reserve Bank's inflation target range.
He says consumer prices increased on average by 0.9% point, marking the highest jump in the past three months.
Kelly says four categories recorded annual inflation rates above 6,0% in October.
The annual rate for bread and cereals slowed to 8,8% from 9,2% in September.
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"Maize Meal prices decline by 1.3%, dragging the annual rate for this staple down by 8.6%. Rice, on the other hand, was 20.8% more expensive than it was a year ago, Egg prices rose by 30.4% between October and September.
“The annual rate for vegetables was 23.6% in October. The highest reading since December 2007, potatoes hold the highest title as the highest product with the highest annual and monthly inflation rate, jumping by 64.6% from October ‘22.
"Transport inflation quickened to 7.4% from 4.2% in September. The rise was mainly due to a 6.5% monthly increase in the fuel price."
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