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BL Premium reports that consumer inflation eased for a fifth consecutive month in October, to its lowest level since June 2020, boosting expectations that the SA Reserve Bank (SARB) would cut its key repo rate again on Thursday.
Annual consumer price inflation was recorded at 2.8%, a sharp decline from the 3.8% reported for the previous month. This makes a further rate cut at the Bank’s upcoming Monetary Policy Committee meeting even more likely, with markets probably already pricing in a 25 basis points cut. Falling fuel prices were again the main driver, with petrol and diesel prices down 5.3% compared to September and 19.1% lower compared to one year prior. In particular, the price of inland 95-octane petrol was its cheapest since February 2022. Further support came from food and nonalcoholic beverages, where inflation slowed to 3.6% – its lowest rate since November 2019 – having been stuck in the 4.5% to 4.7% range for the six months leading up to October.
- Read the full original of the report in the above regard by Jacob Webster at BusinessLive (subscriber access only)
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