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Inflation hits highest level in 9 months

Stats SA released November's CPI figure of 6.6%, which is a 0.3% increase since October.

FILE: Picture: Supplied.

CAPE TOWN - Inflation has rallied to its highest levels in nine months.

Stats SA released November's Consumer Price Inflation (CPI) figure of 6.6% on Wednesday morning, which is a 0.3% increase since October.

The number is outside the South African Reserve Bank’s target band of 3% and 6%, but the rise was anticipated in its last monetary policy review.

Market analyst Jana van Deventer says the price of transport has increased by 1.5% month-on-month.

“The main driver of high CPI into the fourth quarter has been an increase in transport inflation. And this is to a large degree the results of a low base effect in the oil market, that’s now stimulating fuel price inflation into the final months of the year.”

She adds that the effects of the drought also played a role.

“Food inflation is still quite sticky but encouragingly it did peel back slightly in November.”

(Edited by Zamangwane Shange)