south africas annual inflation rate declined in november but food prices continued to increase at a doubledigit rate the consumer price index rose 74 on year in november easing from a 76 increase in october according to data from statistics south africa released wednesday economists expected inflation to fall slightly to 75 according to a consensus from factset the main contributors to the annual inflation rate were food and nonalcoholic beverages housing and utilities transport and miscellaneous goods and services the countrys statistics office said prices of food and nonalcoholic beverages increased by 125 on year it said inflation is above the south african reserve banks target range of 3 to 6 and price growth is likely to continue to be elevated in the months ahead the central bank raised its main repo rate in november by 75 basis points to 7 and economists expect it to continue with its tightening cycle for some time although officials are likely to opt for smaller interestrate increases