South Africa's headline consumer inflation slowed to 3.5% year on year in November from 3.6% in October, data from the statistics agency showed on Wednesday.
In month-on-month terms the Consumer Price Index decreased 0.1% in November, compared to an increase of 0.1% in October.
Economists polled by Reuters had forecast annual inflation would come in at 3.6%, staying within the 1 percentage point tolerance band of the central bank's new 3% target.
At last month's interest rate meeting the South African Reserve Bank lowered its main lending rate by 25 basis points, citing an improved inflation outlook.
The rate cut eased concerns that the new inflation target would prevent the central bank from cutting rates.
The bank's next policy announcement is scheduled for January 29.
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