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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SOUTH AFRICA
MNI (London)
SOUTH AFRICA APRIL CONSUMER PRICES RISE 5.9% Y/Y; EST. +5.9% (MAR +5.9%)
SOUTH AFRICA APRIL CONSUMER PRICES RISE 0.6% M/M; EST. +0.6% (MAR +1.0%)
SOUTH AFRICA APRIL CORE CPI RISES 0.4% M/M; EST. +0.3% (MAR +0.8%)
SOUTH AFRICA APRIL CORE CPI RISES 3.9% Y/Y; EST. +3.8% (MAR +3.8%)
- South African inflation held steady at 5.9% y/y in April, unchanged from March. The monthly rate softened to +0.6% m/m from +1.0% m/m.
- Core inflation saw a 0.1pp uptick above forecasts to +0.4% m/m and +3.8% y/y.
- Record fuel prices (+2.2% m/m), private transport costs (+2.1% m/m) and food prices (at +0.7% m/m largely due to oils and fats) accounted for the bulk of inflationary pressure.
- With inflation testing the top of the 3-6% target range, a 50bp hike is priced in for the upcoming SARB meeting tomorrow. The upper bound was last exceeded in March 2017 with CPI at +6.1% y/y.
- The SARB has had its hand pushed to hike more than initially anticipated due to the Ukraine supply shock and the Fed's hawkish hiking cycle.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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