Cape Town - Statistics South Africa announced on Wednesday that the country's annual consumer price index (CPI) accelerated to 6.4% in October 2016. The consumer price index (CPI) increased by 0.5% month-on-month (m/m) in October 2016.
This rate was 0.3 of a percentage point higher than the corresponding annual rate of 6.1% in September 2016, and higher than the 6.2% analysts expected. On average, prices increased by 0.5% between September 2016 and October 2016.
Economist polled by Reuters expected the annual inflation rate to climb to 6.2%. "We continue to strongly believe that inflation will drop off early next year, allowing for mild rate cuts to start around May," said RMB.