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October CPI Figures Beat Expectations

SOUTH AFRICA

South Africa's headline inflation accelerated to +5.9% Y/Y in October, exceeding the consensus forecast of +5.9%. Core inflation edged lower to +4.4% Y/Y, printing above the +4.2% median estimate.

  • Data released a day before the announcement of the SARB's monetary policy decision showed that headline inflation approached the upper end of the central bank's +3.0%-6.0% Y/Y target range.
  • The rand ticked higher on the release of inflation data, with spot USD/ZAR last changing hands at 18.6100, almost 300 pips lower on the session.

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