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SA inflation rate rises to 5.4%

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South Africa’s inflation rate rose to a three-month high in September, strengthening the case for the Reserve Bank to hold borrowing costs higher for longer.

Annual inflation accelerated to 5.4% from 4.8% in August, Pretoria-based Statistics South Africa said Wednesday in a statement on its website.

That matched the median of 12 economists’ estimates in a Bloomberg survey.

The South African Reserve Bank, which held interest rates steady at 8.25% at its last policy meeting in September, aims to anchor inflation around the midpoint of its 3% to 6% target range.

Its next rate decision will be announced on November 23.

Traders maintained their bets that the central bank will resume its interest-rate hiking cycle next month, following the data release.

This article first appeared on Moneyweb