South Africa's consumer inflation eased further for a third consecutive month in November, Statistics South Africa said on Wednesday.
According to the Pretoria-based agency, CPIX (headline inflation excluding mortgage interest costs) came in at 12.1 percent year-on-year from 12.4 percent of the previous month. This, however, was not in line with economists' forecasts.
"We expected 11.9 percent," said Efficient Group economist Dawie Roodt." This confirms my view that the Reserve Bank made a mistake by lowering interest rates last week.
"Everyone said I was a party pooper - but I was right."
Statistics South Africa said the all-items consumer price index (CPI) rose annually by 11.8 percent, compared to 12.1 percent in October.
On a monthly basis, CPIX stood at 0.2 percent in November, while headline CPI was at 0.1 percent.
Source:Xinhua
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