Annual consumer price inflation (CPI) climbed to 5.9% in October from 5.4% in September, edging closer to the outside of the SA Reserve Bank’s (Sarb's) targeted band of 3% to 6%, marking a third consecutive increase. The figure was higher than economists expected. "South African headline inflation jolts the market by printing much higher than the consensus had expected in October. Although fuel price pressures were widely anticipated, no-one had forecast a spike back in year-on-year headline inflation, almost to the upper end of the Sarb’s inflation target," Razia Khan, managing director and chief economist for Africa and Middle East at Standard Chartered Bank, said.
