South African Inflation Rises To 3.4%

(RTTNews) - South Africa's consumer price inflation increased less-than-expected in September, figures from Statistics South Africa showed on Wednesday.

The consumer price index, or CPI, climbed 3.4 percent year-on-year in September, slightly faster than the 3.3 percent rise in the prior month. The expected inflation rate was 3.5 percent.

Moreover, 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 3.2 percent in September from 3.1 percent in August.

Costs for food and non-alcoholic beverages alone grew 4.5 percent annually in August. Prices for housing and utilities also increased 4.5 percent, while transport charges dropped slightly by 0.1 percent.

On a month-on-month basis, consumer prices moved up 0.2 percent.