South Africa’s headline consumer inflation increased slightly to 2.9% year-on-year in November, up from 2.8% in October, remaining just below the central bank‘s target range, according to data from the statistics agency released on Wednesday.
Economists surveyed by Reuters had predicted that inflation would rise to 3.1%, staying within the South African Reserve Bank’s target range of 3% to 6%.
Last month, the central bank lowered its main lending rate for the second consecutive meeting after inflation fell below the target range in October for the first time in years.
On a month-to-month basis, inflation was at 0.0% in November, compared to -0.1% in October.
