South Africa Inflation Eases More Than Forecast

(RTTNews) - South Africa's consumer price inflation eased more-than-expected in November, though marginally, figures from Statistics South Africa showed on Wednesday.

The consumer price index rose 7.4 percent year-on-year in November, following a 7.6 percent increase in October. Economists had expected the inflation rate to slow marginally to 7.5 percent.

However, the inflation rate continues to be higher than the 3 to 6 percent goal range set by the South African Reserve Bank.

The core inflation, which excludes prices of non-alcoholic beverages, fuels and energy, rose to 5.0 percent in November. That was just below the expected gain of 5.1 percent.

Transport costs surged the most among the main components, by 15.3 percent annually, and prices of food and non-alcoholic beverages grew 12.5 percent.

Housing and utilities costs gained 4.3 percent and those for miscellaneous goods and services increased 4.8 percent.

On a month-on-month basis, consumer prices increased 0.3 percent in November versus an expected increase of 0.2 percent.