South Africa experienced a slight uptick in consumer price inflation for November, after a notable decrease to its lowest level in over four years in October, as reported by Statistics South Africa on Wednesday.
The Consumer Price Index (CPI) rose by 2.9% year-on-year in November, compared to a 2.8% increase in the previous month, marking the slowest rate of inflation seen since June 2020.
Importantly, the inflation rate continues to fall within the South African Reserve Bank's target range of 3-6%.
Core inflation, which excludes volatile items such as non-alcoholic beverages, fuels, and energy, decreased to 3.7% in November from 3.9% in October.
Breaking it down further, housing and utilities costs saw a 4.7% rise from the previous year in November, while food and non-alcoholic beverages prices increased by 2.3%. Conversely, transportation costs were reduced by 3.3%.
When observed on a month-to-month comparison, consumer prices remained stable in November.
