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Moneyweb reports that headline consumer inflation (CPI) accelerated to 6.6% year-on-year in November from 6.4% in October, data from Statistics SA showed on Wednesday.
Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol and energy, was unchanged at 5.7%. Nedbank’s Group Economic Unit expects inflation to remain above 6% in the very short term, “but to dip back within the South African Reserve Bank’s (Sarb’s) target range as food prices come under some control as the drought dissipates.” Wandile Sihlobo, head of economic and agribusiness intelligence at the Agricultural Business Chamber, commented: “Looking ahead, we maintain our view that overall food and non-alcoholic beverages inflation could remain elevated this year. However, we foresee a slowing trend for most food products inflation in 2017, with the exception of meat which is likely to maintain the upward trend over the coming months due to expected decline in slaughtering rate.”
- Read this report in full at Moneyweb
- See too, Consumer inflation at highest level in six months, at Business Report
Get other news reports at the SA Labour News home page