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Major blow for interest rate cuts in South Africa | SA News

Staff Writer
 ·23 Oct 2025

South Africa’s latest inflation numbers, while generally in line with market expectations, may dim the hopes of some Reserve Bank bulls who expect interest rate cuts in November.

Stats SA published the latest inflation data for September, with the headline rate coming in at 3.4% year-on-year.

This was slightly higher than the bulls, who anticipated a 3.3% print, but lower than market consensus, which pegged the rate at 3.5%.

The real issue with the inflation numbers is that they confirm an upward swing in price pressure after…

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