Monthly Market Highlights – October 2023
SA’s Consumer Price Index (CPI) rose to 5.4% year-on-year(y/y) in September, up from the 4.8% y/y reported in August. The Producer Price Index also increased for the second consecutive month, touching 5.1% from the 4.3% recorded in August. SA’s population in 2022 was recorded at 62 million, a substantial increase of almost 20% from 51.8 million in the last census in 2011. However, the economy did not grow by the same rate in this period.
In the US, core CPI, which excludes volatile elements like food and energy, registered a 0.3% increase in September and 4.1% on a 12-month basis. Meanwhile, inflation remained at 6.7% in September in the UK as surging fuel costs mitigated the impact of the first monthly decline in food prices observed in two years, intensifying financial pressure on households. Major central banks across the world maintained current interest rates.
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