JOHANNESBURG (Reuters) -South Africa’s headline consumer inflation quickened slightly in October, reaching 3.6% year-on-year from 3.4% in September, official data showed on Wednesday.
Economists polled by Reuters had predicted year-on-year inflation of 3.7% in October.
Last week the finance minister announced a new 3% inflation target for the central bank, which policymakers hope will help anchor inflation expectations and eventually create room for lower interest rates.
The South African Reserve Bank will deliver its next monetary policy decision on Thursday, with the median forecast in a Reuters poll pointing to a 25-basis-point interest rate cut.
At its previous meeting in September, the bank kept its repo rate unchanged, saying it needed more time to gauge the effects of earlier easing steps.
Statistics South Africa said on Wednesday that month-on-month inflation was at 0.1% in October, compared with 0.2% in September.
(Reporting by Anathi Madubela and Sfundo Parakozov;Editing by Alexander Winning)
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