Business Maverick: South Africa Inflation Rate Drops to Almost Nine-Year Low By Bloomberg
Consumer-price growth slowed to 3.7% compared with 4.1% in September, Pretoria-based Statistics South Africa said Wednesday in a statement on its website. The latest print marks 31 consecutive months in which inflation has remained within the central bank’s target band of 3% to 6%. The median estimate of 14 economists in a Bloomberg survey was 3.9%.The slowdown in inflation may provide the central bank with room to cut its benchmark interest rate on Thursday.
While the MPC has faced calls to ease policy to boost an economy that is forecast to expand just 0.5% this year, its modeling shows a 25 basis-point cut point will only increase economic growth by 0.1 percentage point a year later. A deteriorating fiscal outlook and political and policy uncertaintyAnnual core inflation, which excludes the prices of food, non-alcoholic drinks, fuel and electricity, was unchanged at 4%.The rand declined as much as 0.7% against the greenback and was 0.
Forward-rate agreements starting in one month, used to speculate on borrowing costs, dropped and are now pricing in a 40% chance of a 25 basis-point rate cut.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maverick Citizen: Op-ed: New toilet paradigm for South AfricaOn 19 November the world observes the UN’s World Toilet Day. There are many reasons to celebrate a hygienic toilet, chief among them that it is one of the most important health devices in a house, along with clean water supply.
Read more »
Why South Africa is the world’s most unequal societyThe label is used so often it runs the risk of monotony. But a new report sheds light on the full, multidimensional nightmare of South African inequality.
Read more »
WATCH: Kidnappings on the rise in South AfricaKidnappers are preying on ordinary citizens including teenagers and children.
Read more »
South Africa has a duty to uplift the rest of the continent | IOL NewsOPINION: Despite South Africa’s economic slump, it still is the voice of Africa and has a responsibility to champion the leveraging of the continent in its dealings with non-African partners, writes DavidMonyae.
Read more »
Luther 'Crazy Lu' Cohen is cremated in Cambodia, family returns to South Africa with ashes
Read more »
Africa ripe for more impact investments, says reportFund managers are increasingly aligning their mandates and strategies to this form of capital outlay
Read more »