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http://www.fin24.co.za/articles/default/display_article.aspx?Nav=ns&ArticleID=1518-25_2047245
Johannesburg - The increase in South Africa's consumer price index excluding mortgage rate changes (CPIX) for metro and other areas, which is used by the South African Reserve Bank (SARB) for its inflation target, was up 5.0% year-on-year (y/y) in November after a 5.0% y/y increase in October, Statistics South Africa (Stats SA) said on Wednesday.
CPIX was down 0.1% month-on-month (m/m) after it increased by 0.1% m/m in October.
Headline consumer prices - the 12-month rate of change in the consumer price index (CPI) for metropolitan areas - was up 5.4% y/y in November from a 5.4% y/y increase in October.
The core inflation rate, which excludes volatile foods, municipal rates and monetary policy changes, was up 3.4% y/y in November from an increase of 3.3% in October.
Consumer inflation excluding interest on mortgage bonds (CPIX) - the measure used by the South African Reserve Bank (SARB) for its inflation target - was expected to increase to 5.2%, an I-Net Bridge survey of 10 economists found.
All of the economists surveyed expected a year-on-year increase in CPIX after it had receded to 5.0% in October from 5.1% in September. Forecasts ranged from 5.2% y/y to 5.5% y/y, with 60% of the economists surveyed expecting CPIX inflation to reach 5.2% in November.
The SARB inflation target range is from 3% to 6% y/y and November is the sixth consecutive month that CPIX has been above the mid-point of the target range. Before this, only five releases were above the mid-point of this range since January 2004.
Headline inflation - the percentage change in the consumer price index (CPI) - was expected to have increased to 5.7% y/y. Forecasts ranged from 5.6% to as high as 6.0%.
A year ago CPIX was at 3.7% and CPI at just 3.4%.
Stats SA said the annual increase of 5.0% in the CPIX for the historical metropolitan and other urban areas was mainly due to relatively large annual contributions in the price indices for food (+2.3 percentage points), housing, excluding interest rates on mortgage bonds (+0.6 of a percentage point), medical care and health expenses (+0.6 of a percentage point), education (+0.4 of a percentage point), fuel and power (+0.3 of a percentage point), transport (+0.3 of a percentage point), alcoholic beverages (+0.2 of a percentage point), household operation (+0.2 of a percentage point) and personal care (+0.2 of a percentage point).
These annual increases were slightly counteracted by annual decreases in the price indices for clothing and footwear (-0.3 of a percentage point).
The annual increase of 5.4% in the CPI for the historical metropolitan areas was mainly due to relatively large annual contributions in the price indices for food (+2.1 percentage points), housing (+1.6 of a percentage point), medical care and health expenses (+0.5 of a percentage point), fuel and power (+0.3 of a percentage point), transport (+0.3 of a percentage point) and education (+0.3 of a percentage point).
These annual increases were slightly counteracted by annual decreases in the price indices for clothing and footwear (-0.3 of a percentage point).
Johannesburg - The increase in South Africa's consumer price index excluding mortgage rate changes (CPIX) for metro and other areas, which is used by the South African Reserve Bank (SARB) for its inflation target, was up 5.0% year-on-year (y/y) in November after a 5.0% y/y increase in October, Statistics South Africa (Stats SA) said on Wednesday.
CPIX was down 0.1% month-on-month (m/m) after it increased by 0.1% m/m in October.
Headline consumer prices - the 12-month rate of change in the consumer price index (CPI) for metropolitan areas - was up 5.4% y/y in November from a 5.4% y/y increase in October.
The core inflation rate, which excludes volatile foods, municipal rates and monetary policy changes, was up 3.4% y/y in November from an increase of 3.3% in October.
Consumer inflation excluding interest on mortgage bonds (CPIX) - the measure used by the South African Reserve Bank (SARB) for its inflation target - was expected to increase to 5.2%, an I-Net Bridge survey of 10 economists found.
All of the economists surveyed expected a year-on-year increase in CPIX after it had receded to 5.0% in October from 5.1% in September. Forecasts ranged from 5.2% y/y to 5.5% y/y, with 60% of the economists surveyed expecting CPIX inflation to reach 5.2% in November.
The SARB inflation target range is from 3% to 6% y/y and November is the sixth consecutive month that CPIX has been above the mid-point of the target range. Before this, only five releases were above the mid-point of this range since January 2004.
Headline inflation - the percentage change in the consumer price index (CPI) - was expected to have increased to 5.7% y/y. Forecasts ranged from 5.6% to as high as 6.0%.
A year ago CPIX was at 3.7% and CPI at just 3.4%.
Stats SA said the annual increase of 5.0% in the CPIX for the historical metropolitan and other urban areas was mainly due to relatively large annual contributions in the price indices for food (+2.3 percentage points), housing, excluding interest rates on mortgage bonds (+0.6 of a percentage point), medical care and health expenses (+0.6 of a percentage point), education (+0.4 of a percentage point), fuel and power (+0.3 of a percentage point), transport (+0.3 of a percentage point), alcoholic beverages (+0.2 of a percentage point), household operation (+0.2 of a percentage point) and personal care (+0.2 of a percentage point).
These annual increases were slightly counteracted by annual decreases in the price indices for clothing and footwear (-0.3 of a percentage point).
The annual increase of 5.4% in the CPI for the historical metropolitan areas was mainly due to relatively large annual contributions in the price indices for food (+2.1 percentage points), housing (+1.6 of a percentage point), medical care and health expenses (+0.5 of a percentage point), fuel and power (+0.3 of a percentage point), transport (+0.3 of a percentage point) and education (+0.3 of a percentage point).
These annual increases were slightly counteracted by annual decreases in the price indices for clothing and footwear (-0.3 of a percentage point).
