September inflation cools to 4.1%, but bread, electricity show large rises

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Annual headline consumer price inflation decreased to 4.1% for September, down from 4.3% in August, according to Stats SA.

This is in line with the projections of analysts, and within the target range of between 3% and 6% set by the SA Reserve Bank. Ahead of Wednesday's announcement, Investec projected September inflation to come in at 4.2%.  

Food prices increased by 3.7%, slightly lowed than the 3.8% in August. The costs of bread and cereals rose by 8.5%. 

Electricity was 11.8% more expensive, while wine costs rose by 10.2% year-on-year.  

In a snap note on Wednesday, TreasuryONE said the print lifts the prospect of a rate cut in November, but the cautious nature of the SA Reserve bank could also mean the rate stays unchanged. The rand dropped 5cents against the dollar on the back of the announcement, but at 10:30 was again trading back at R14.65 to the greenback. 

A Tesco store


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