South African inflation rises to 5-month high
2012-11-21 10:38:52
South Africa's consumer price inflation increased to the highest level in five months in October, data released by Statistics South Africa showed Wednesday.
The consumer price index increased 5.6 percent on an annual basis in October, marking the biggest growth since May, when prices moved up 5.7 percent. Economists had forecast inflation to ease to 5.4 percent in October from 5.5 percent in September.
Driving the overall price growth, food prices climbed 6.7 percent annually, while clothing and footwear prices advanced 3.4 percent. Housing costs and utility prices were higher by 6 percent compared to last year, and transportation costs by 6.1 percent.
Month-on-month, consumer prices advanced 0.6 percent in October, slightly faster than the 0.4 percent gain economists had forecast.