Yesterday's consumer price inflation figure made economists' guesses about today's repo rate decision much more difficult. Against expectations, inflation increased slightly in October from 7.5% to 7.6%. Increases in the prices of food and transport continued to be the major drivers of inflation. This is a small increase, but unfortunately, it is a movement in the wrong direction. Economists agreed that the repo rate will be increased today, but this increase in inflation may cause a larger increase than would otherwise be the case.

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