From AFP via Capitalfm

South African consumer prices rose 5.8 percent in January, official statistics showed on Wednesday, tipping the scales towards another interest rate rise when the reserve bank next meets in March.

Statistics South Africa reported that consumer prices rose by 0.4 of a percentage point versus December, pushed higher by increased transport and food prices.

The 5.8 percent rate was slightly above consensus and is close to the six percent upper end of the South African Reserve Bank’s target range.

The central bank unexpectedly raised rates to 5.5 percent at its meeting in January, citing concerns about inflation

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