South African inflation rockets to 9.4%

Soaring food and transport costs prompted South Africa's inflation rate to leap by more than half a percentage point in February.

Inflation rose for the sixth straight month in February to 9.4% from 8.8% in January. It has outpaced the 6% upper limit of the central bank's target range since April 2007.

Markets' expectations of a rate rise next month rose on the news, despite it being broadly in line with estimates.

Tito Mboweni, the governor of the South African Reserve Bank, told parliament

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