Stats SA: CPI rose to 6.6% in November
The CPI figure is outside the South African Reserve Bank’s target band of 3% and 6%.
CAPE TOWN – There has been a marginal increase in the price of consumer goods between October and November.
Statistics South Africa (Stats SA) has released the latest Consumer Price Inflation (CPI) figure on Wednesday morning.
According to Stats SA November’s CPI rose to 6.6% which is a point-three percent increase from October.
Transport has been a significant contributor to the rise due to a petrol price increase of 45 cents per litre.
The CPI 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.
The bank further stated it only expected inflation to fall back within the bracket by the second quarter of next year when the effects of the drought are expected to dissipate.