The last time it hit levels this low was in February 2011, according to Stats SA, with falling fuel prices being a key driver of the slow down
Lynley DonnellyConsumer inflation slid lower in October, reaching its lowest level in eight years, Stats SA said on Wednesday.3.7% in October, down from 4.1% in September. The last time it hit levels this low was in February 2011, the agency said. The reading was below the median expectations of 3.9%, as measured by Bloomberg.
The level of the slow down could bolster further arguments for an interest-rate cut. Headline inflation has been sitting at or below the 4.5% midpoint of the SA Reserve Bank’s target range for all of 2019. The majority of economists polled by Bloomberg are expecting the Bank to keep the repo rate on hold at 6.5%.
Moody’s is the last ratings agency to class SA debt at investment grade. In announcing the outlook change Moody’s effectively gave the government until February’s budget to improve SA’s fiscal position or face a downgrade.
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