Consumer price inflation ticks up to 5%

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Stats SA on Wednesday released September inflation figures.
Stats SA on Wednesday released September inflation figures.
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September inflation rose marginally to 5% from 4.9% recorded in August, data from Stats SA shows.

The slight uptick was in line with the expectations of economists and still easily within the target range of between 3% and 6% set by the SA Reserve Bank.

The consumer price index increased by 0.2% month-on-month in September 2021.

The month of September surveys rental prices (not all items are surveyed every month) and economists had expected these to remain fairly subdued.

"Indeed, this component of the CPI basket, making up a significant 16.8% has had a dampening effect on inflation readings, counteracting large fuel price increases and elevated food inflation," Investec economist Lara Hodes said in a note ahead of the data release. "Many individuals have opted to purchase homes, taking advantage of historically low interest rates and the work-from-home trend which has in turn weighed on rental demand," 

Stats SA data showed that housing and utilities increased by 4% year-on-year, a lower rate than things like transport (10%) or food and beverages (6.6%).

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