South African inflation hits record high

South African inflation accelerated to 13.6% in the year to August, the highest level since the government began to compile the data in 1998.

The August reading for monetary-policy relevant CPIX inflation exceeded market expectations of a rise to 13.3%. The July statistic was 13%.

The South African Reserve Bank has signalled that its tightening cycle, which has seen rates climb from 9.5% to 12%, is at a close and it is unlikely to raise rates on the back of this figure. But economists believe

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