Consumer prices rose 4.9 percent from a year earlier, matching the level in August, Pretoria-based Statistics South Africa said in a statement on its website Wednesday. The median estimate of 20 economists in a Bloomberg survey was 4.8 percent. Prices rose 0.5 percent in the month.

While inflation has now been inside the central bank’s target band of 3 percent to 6 percent for more than a year, the Monetary Policy Committee prefers price growth closer to 4.5 percent to limit the need for policy tightening.

The MPC held its key rate at 6.5 percent at it last two meetings after easing in March. The policy stance remains accommodative and interest rates will need to increase to keep inflation within the target band if the central bank’s current forecasts play out, Deputy Governor Francois Groepe said on Oct. 19. The panel will announce its next rates decision on Nov. 22.

Core inflation, which excludes the prices of food, non-alcoholic beverages, energy and gasoline, was 4.2 percent in September, the same as in August. DM