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CPI eases in September

by BuaNews Online
on 27 Oct 2010
BuaNews Online
BuaNews Online

The Consumer Price Index (CPI) in September eased to 3.2 percent year-on-year, Statistics South Africa (Stats SA) said on Wednesday.

This was 0.3 percent lower than the 3.5 percent recorded in August 2010. Market expectation was that CPI would come in at 3.4 percent.

"I think we have reached the bottoming out of the inflation cycle," said Standard Bank senior economist Dr Johan Botha. "However, there might be a pick-up towards the end of the year."

Botha said the figure would not have an impact on the Monetary Policy Committee's discussion around the repo rate, adding that it was not enough to warrant a reduction.

The MPC is scheduled to meet next month.

According to Stats SA, the food and non-alcoholic beverages index decreased by 2 percent between August and September 2010.

Between the two months, the housing and utilities index increased by 0.7 percent, and the transport index decreased by 0.4 percent. - BuaNews

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