South African inflation drops sharply, paving way for more rate cuts
JOHANNESBURG -South Africa's inflation dropped sharply in September, hitting its lowest level in more than three years and bolstering expectations for another interest rate cut by the central bank next month.
Economists polled by Reuters had forecast inflation would drop to 3.9%, well below 4.5% - the mid-point of the South African Reserve Bank's 3%-6% target range."Inflation is well under control in South Africa, this is really the start of a period of about 6 months in which the headline CPI should be below 4%," said independent economist Elize Kruger.
Analysts expect the bank to continue easing policy in quarter point increments, taking the repo rate to 7% by the middle of next year.)'s Razia Khan said in a research note."We think the SARB will want to proceed cautiously, monitoring global risks and any consumption boost from South Africa's recent Two Pot Pension Reforms, which allow earlier pension withdrawals," she said.
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