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JUST IN | October inflation surprises with leap to 7.6%

Client inflation elevated to 7.6% for October.

October inflation picked as much as 7.6%, from 7.5% recorded within the earlier month. 

Economists had anticipated inflation to ease to 7.4%.

Stats SA launched the figures on Wednesday, which present a 0.4% month-on-month improve in October. 

The principle contributors to inflation have been meals and non-alcoholic drinks, which elevated 12% on a year-on-year foundation and transport, which was up 17.1%.

Housing and utility costs have been up 4.3% on a year-on-year foundation, and likewise contributed to the rise.

Economists anticipate the Reserve Financial institution to hike rates of interest by 75 foundation factors at its subsequent assembly on Thursday – given dangers across the inflation outlook and a “softer” rand alternate price, the Bureau for Financial Analysis stated in its weekly overview.

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