Key to the MPC's decision on interest rates will be the outcome of consumer price index ( CPI ). Inflation is expected to have risen much closer to the Reserve Bank 's upper limit of its 3% to 6% target range in October. The MPC has kept the repo rate elevated at 8.25% to contain inflation, which has started rising again for two months in a row starting in September. Inflation edged up to 4.8% in August and rose to 5.4% year-on-year in September.
The market consensus is that this week's CPI print will show another increase to around 5.7% year-on-year in October. Chief economist and head of research at RMB Isaah Mhlanga said oil prices were the main culprit behind the rising inflation. Oil prices remain the driver for rising inflation, clearly depicted by the continuing drop in core inflation (excludes food and energy prices), which is expected to fall to 4.2% year-on-year in October from 4.5% in September Last month, the rate of increase in the petrol price eased to 4.6% on a monthly basis from 7.5% in September as the price of Brent crude oil edged lowe
Source: News Formal (newsformal.com)
South Africa Inflation Reserve Bank Interest Rates Consumer Price Index CPI Oil Prices
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