Headline consumer inflation came out at 7.6% in August, down from 7.8% the previous month, data released on Wednesday showed.
A Reuters poll of economists expected inflation to print at 7.5% for August.
Inflation has been driven by soaring food and fuel prices, and the rate has pushed well beyond the South African Reserve Bank’s 3-6% target range. The SARB is expected to raise the interest rate by 75 bps tomorrow when its Monetary Policy Committee meeting ends.
The SARB sees hiking interest rates as a way of combating rising inflation.
The rand has not reacted to the news thus far and is little changed for the day at R17.72/$.
This is a developing story.
