2023.12.1308:37:00UTC+00South Africa Inflation Eases To 5.5%

South Africa's consumer price inflation eased for the first time in four months in November, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 5.5 percent year-on-year in November, slower than October's 5-month high of 5.9 percent. The rate was expected to moderate to 5.6 percent.

In addition, the inflation rate remained within the Reserve Bank's target range of 3-6 percent.

The core inflation, which excludes prices of non-alcoholic beverages, fuels, and energy, rose somewhat to 4.5 percent in November from 4.4 percent in October. The expected rate was also 4.4 percent.

The annual price growth in transport costs eased notably to 4.3 percent from 7.4 percent.

Prices for food and non-alcoholic beverages alone grew 9.0 percent in November from last year, and those for housing and utilities increased 5.5 percent.

On a month-on-month basis, consumer prices dropped 0.1 percent in November, in contrast to the 0.1 percent rise expected by economists.