South Africa inflation drops to lowest in over 4 years

South Africa inflation drops to lowest in over four years
South Africa's inflation rate dropped sharply in October to its lowest level since the peak of the COVID pandemic, data showed on Wednesday, buttressing expectations for another interest rate cut by the central bank this week.
South Africa Inflation Rate Declines
The South African Reserve Bank is scheduled to meet on Thursday and could adjust interest rates. October inflation declined from 3.8 percent in the previous month, primarily because of falling fuel prices according to the national statistics agency. "Petrol and diesel prices declined by 5.3 percent between September and October," said Stats SA.
Inflation plunges more than expected in South Africa
Independent economist Elize Kruger said fuel and food price developments play a greater role in October, which is considered a low survey month. South Africa’s government-regulated petrol and diesel prices fell by more than R1/ l in October.
South African inflation drops to lowest since June 2020
South Africa's annual inflation rate slowed sharply to 2.8% in October, data showed on Wednesday, setting the stage for another interest rate cut by the central bank this week. Statistics South Africa said falling fuel prices were the primary driver of the slowdown in the headline rate from 3.
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South Africa's rand was little changed early on Wednesday ahead of highly anticipated local inflation and retail sales data.
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South Africa's rand slipped on Wednesday against a buoyant dollar, despite inflation dropping to its lowest level in more than four years, and as investors geared up for a policy announcement by the central bank on Thursday.
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For now, the inflation and interest rate outlook are the brightest they have been for years, testimony to the SA Reserve Bank’s relentless focus on inflation. That is something to raise a glass to.
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