South Africa's annual consumer price inflation edged up to 4.5% in September from 4.4% in August, according to Statistics SA, driven mainly by transport, housing, utilities and financial services. The figure came in below market expectations. Investec Chief Economist Annabel Bishop said it is unlikely on its own to prompt an interest rate hike at the November MPC meeting, noting that inflation has stayed above the SA Reserve Bank's 3% target for some time due to very high fuel prices, a supply-side issue. The government is leaning on capital spending, with infrastructure investment set to grow 5.2% over the medium term, the fastest-growing item in the national budget. President Cyril Ramaphosa said infrastructure is a key driver of growth, benefiting manufacturing, logistics and other sectors.
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