South Africa's inflation rate dropped sharply in October to its lowest level since the peak of the COVID pandemic, data showed on Wednesday, buttressing expectations for another interest rate cut by the central bank this week.

South Africa’s inflation rate declined to a more than four-year low, heralding another reduction in borrowing costs on Thursday.

South Africa will use its G20 presidency to focus on advancing inclusive economic growth, food security and artificial intelligence, President Cyril Ramaphosa said on Tuesday at a summit of the Group of 20 major economies in Brazil.

As South Africa is set to assume the G20 presidency, president Cyril Ramaphosa says the country will prioritise food security and economic growth. READ: Ramaphosa warns of more wars if UN is not reformed Delivering his statement at the G20 Leaders Summit in Brazil,

According to the World Bank, nearly 700 million people are currently living in extreme poverty and the Sub-Saharan Africa region accounts for 67% of these people.