South Africa’s headline consumer inflation declined slightly more than anticipated in September, dropping to 3.8% year-on-year from 4.4% in August, according to data released by the statistics agency on Wednesday.
On a month-to-month basis, inflation remained at 0.1% in September, unchanged from the previous month.
Economists surveyed by Reuters had projected inflation would decrease to 3.9%, significantly below the 4.5% target set by the South African Reserve Bank (SARB).
Wednesday’s figures may prompt the SARB to consider another interest rate cut at its monetary policy meeting in November, following its first reduction in over four years last month.
During its September meeting, the SARB adopted a cautious stance, noting that while inflation had fallen faster than expected, there were still risks to the economic outlook.
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