Consumer prices rose 5.2% from a year earlier compared with 5.1% in October, Pretoria-based Statistics South Africa said in a statement Wednesday. The median estimate of 17 economists surveyed by Bloomberg was for 5.1%.
Key insights
- The unexpected acceleration in inflation may ease criticism of the central bank’s decision to raise interest rates last month as the headline number moves further away from the mid-point of its target range.
- Fuel prices had jumped 19% over the past 12 months after the rand weakened against the dollar, offsetting a decline in crude costs.
- The Reserve Bank will decide again on rates on Jan. 17, with forward-rate agreements seeing a small chance of a 25 basis-point hike.
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