UK inflation hits 3.5% on fuel costs as South Africa's rises to 4.5%
- UK inflation rose to 3.5% in September from 3.1% in August, the highest in nearly a year.
- South Africa's inflation edged up to 4.5%, with transport costs the biggest driver.
- Nigeria moved the other way, with headline inflation easing to 14.63% in September.
Inflation picked up in Britain and South Africa last month, both pushed by transport and fuel costs, even as Nigeria's rate continued to fall.
In the UK, the annual inflation rate rose to 3.5 per cent in September from 3.1 per cent in August, the Office for National Statistics (ONS) said on Wednesday. That was higher than analysts expected and the highest reading in almost a year.
The ONS said transport, especially motor fuels, made the largest upward contribution to the change. Diesel prices at UK pumps recently reached their highest level since July 2022, shortly after Russia invaded Ukraine.
ONS chief economist Grant Fitzner said the cost of raw materials and goods leaving UK factories also kept rising, driven by higher crude oil and petrol prices.
The figures land a week before the Labour government releases its annual budget, which is expected to address cost of living pressures.
South Africa and Nigeria move differently
In South Africa, annual consumer inflation rose slightly to 4.5 per cent in September from 4.4 per cent in August, Statistics South Africa said. Transport prices jumped 10.8 per cent year on year and contributed 1.5 percentage points to the overall rate.
Housing and utilities added 1.3 percentage points, while insurance and financial services added 0.6. Goods inflation rose to 4.1 per cent from 3.3 per cent, while services inflation eased to 4.9 per cent from 5.1 per cent.
South Africa imports most of its fuel, so global energy prices hit its transport costs quickly. The figures were released by Statistician-General Risenga Maluleke.
Nigeria went the other way. Headline inflation eased to 14.63 per cent in September from 15.39 per cent in August, according to the National Bureau of Statistics (NBS). It was the fourth straight monthly decline.
Core inflation, which strips out volatile food and energy prices, fell to 12.95 per cent from 22.11 per cent a year earlier. But month-on-month core inflation rose to 1.11 per cent from -0.06 per cent in August.
Even with the easing, many Nigerian households still feel the pinch. The share of households that saw inflation as high rose to 77.2 per cent in September from 67.2 per cent in August.
For Nigerians, the numbers matter for food, fuel and transport fares. A falling headline rate does not always mean prices are dropping, only that they are rising more slowly.
What happens next
All three economies remain exposed to global energy prices. In the UK, the budget next week will show how the government plans to ease cost of living pressures. In South Africa, fuel imports keep transport costs sensitive to world markets. In Nigeria, the next inflation reading will be watched closely for whether the slowdown holds.
