South Africa’s annual headline inflation edges down to 6% in September 2013

By bne IntelliNews October 23, 2013

South Africa’s annual headline inflation slightly decreased to 6.0% in September after reaching a four-year high of 6.4% in August, Statistics South Africa said. Compared month-on-month, consumer prices increased by 0.5% in September after rising by 0.3% in August.

The sub-groups that contributed most to the monthly inflation in September were the household goods and services, which contributed 1.1ppt, and the food and non-alcoholic beverages and housing and utilities, which contributed 0.8ppt each. The prices of household goods and services rose 3.8% y/y last month, accelerating from 3.0% in August. Food and non-alcoholic beverages climbed 5.9% y/y, slowing from a 7.1% rise in August. The annual inflation rate for housing and utilities decreased 5.4% y/y, the same level as in August.

The annual headline inflation remained within the upper end of the central bank’s 3%-6% target range, and was slightly lower than the predictions of the central bank, which expected inflation to peak at 6.3% in Q3 and to ease afterwards.

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