Inflation in SA surges to 5.4% due to rising fuel prices

Inflation in South Africa rose for a second consecutive month in September, pushed up by higher fuel prices after a period of cooling, official data showed Wednesday.

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Annual consumer price inflation reached 5.4 percent last month, up from 4.8 percent in August, national statistics agency StatsSA said.

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INFLATION

“This brings the rate to the same level as June this year,” the agency said.

“The transport category –- mainly influenced by fuel –- exerted strong upward pressure,” it added.

Fuel prices rose by 7.6 percent between August and September, with the cost of 95-octane petrol in some areas reaching a 13-month high.

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OIL PRICES

Oil prices have jumped globally in recent months as a result of supply cuts by Saudi Arabia and Russia.

They are now also suffering from fears that the Israel-Hamas conflict could spill over into a regional war.

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In South Africa, food prices also recorded a small increase, with food inflation reaching 8.1 percent.

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The central bank has set a target for inflation of between three and six percent and kept its main interest rate unchanged at 8.25 percent last month.

© Agence France-Presse