South Africa January inflation 8.8 pct vs 8.6 pct in December

Rising food prices helped push South Africa's CPIX measure of consumer inflation closer to 9.0 pct last month, far above the maximum 6.0 percent target, the statistics agency said.Year-on-year consumer price inflation, excluding the impact of mortgage costs, rose to 8.8 percent last month, up from 8.6 percent in December, Statistics South Africa said in a statement.The headline consumer inflation rate, or Consumer Price Index (CPI), increased to 9.3 percent in January from December's 9 percent.CPIX is used by the South African Reserve Bank to fix its inflation target, presently at between 3 pct and 6 pct.The main contributors to the rate increase were prices of food, housing, transport, medical care, and fuel and power, according to the statement.The central bank has increased the prime interest rate eight times on the back of rising inflation since April 2005, to its current level of 14.5 percent.