South Africa’s inflation jumped to 3.3% in October, compared to the 3% percent registered in September.
According to the country’s Slstatistics office, inflation was driven by increases in the price of food items, non-alcoholic beverages, housing and utilities.
The reading, a seven-month high, falls within the South African Reserve Bank’s target range of between 3% and 6% annual inflation.
The data comes after South Africa Reserve bank left its key interest rate unchanged at 3.5%. The bank also forecast that Africa’s most- industrialised economy will shrink 8% this year, before expanding by 3.5% in 2021.
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