South Africa’s consumer price inflation slowed for a third straight month in November to its lowest level in nearly nine years, figures from Statistics South Africa showed on Wednesday.
The consumer price index rose 3.6 percent year-on-year following a 3.7 percent increase in October. The slowing in inflation was in line with economists’ forecast.
The inflation rate was the lowest since December 2010, when it was 3.5 percent.
The main contributors to inflation were food and non-alcoholic beverages; housing and utilities; and miscellaneous goods and services.
Prices of food and non-alcoholic beverages rose 3.5 percent year-on-year, and those of housing and utilities increased 4.8 percent. Prices of miscellaneous goods and services increased 5.7 percent year-on-year.
The core inflation, which excludes prices of non-alcoholic beverages, fuel and energy, was 3.9 percent versus 4.1 percent in the previous month, and matched expectations.
The CPI edged up 0.1 percent monthly, also in line with economists’ expectations.