The FINANCIAL — South Africa’s annual inflation rate rose slightly in December with the increasing cost of food pushing up prices in the continent’s most developed economy, according to Nasdaq.
South Africa’s statistics agency said annual inflation rate rose to 4.7% in October from 4.6% a month earlier, in line with forecasts.
The increase could help South Africa’s central bank justify a rate increase when its monetary policy committee meets on November 19.
However, many economists say the bank will keep rates on hold yet again because of South Africa’s slowing economy. The International Monetary Fund and South Africa’s treasury say the economy will struggle to grow at even 1.5% this year.
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