South African Inflation Reaches Five-Month High Ahead of Rate Decision

South African annual inflation quickened to a five-month high in October, a reading that’s unlikely to persuade the central bank to hike rates as the acceleration is likely to be temporary.

The consumer price index rose 5.9%, compared with 5.4% in September, Pretoria-based Statistics South Africa said Wednesday in a statement on its website. That exceeded the median estimate of 5.6% by 19 economists in a Bloomberg survey, in which the highest forecast was 5.8%.

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