SA’s suffering consumers may be set for a reprieve after inflation moderated more than economists expected in September, strengthening the argument for the SA Reserve Bank to join the move globally towards lower interest rates.

Increases in consumer prices, as measured by the annual change in the consumer price index (CPI), slowed to 4.1% in September, below the mid-point of the central bank’s 3% to 6% target range. The median forecast of 16 economists in a Bloomberg survey was for the rate to stay unchanged at 4.3%.

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