South African inflation rampant despite rate hikes

Two 50 basis point rate hikes have failed to dampen rising inflation in South Africa, new statistics showed on Wednesday.

Statistics South Africa, the government statistics agency, revealed that the monetary-policy-relevant measure of inflation, the CPIX, had risen to 7.3% in October, up from 6.7% the previous month. Inflation is now 1.3 percent above the upper limit of the South African Reserve Bank's 3% to 6% target range.

Increases in food and transport prices were behind the increases. The