South Africa inflation unexpectedly accelerated to 8.8% in Jan 2008

South African inflation unexpectedly accelerated in January [2008], exceeding 8% for a second month and keeping pressure on the central bank to leave interest rates at a four-year high. The CPIX inflation rate, which excludes mortgage costs, rose to an annual 8.8%, from 8.6% in December, Pretoria-based Statistics South Africa said. The headline [CPI] inflation rate, which includes mortgage costs, rose to 9.3% last month from 9% in December. Inflation has exceeded the central bank's 3-6% target range since April, prompting the central bank to raise the benchmark interest rate four times last year to 11%.

Rising food prices, which make up a quarter of the consumer price index, have added to inflation. The price of white corn, a staple in South Africa, climbed 8.9% in the second half of last year, boosted by drought and higher international grain prices. Crude oil surged 47% in New York in the same period.

- Yet another example of the inflation that is taking off exponentially worldwide.

(2008-02-29 13:08:44 SGT) [Biz] Permalink

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