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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 DEC PPI 0.0% M/M (FCST +0.3%); NOV +0.5% M/M
SOUTH AFRICA DEC PPI +13.5% Y/Y (FCST +13.9%); NOV +15.0% Y/Y
- Today's December data saw a downside surprise to PPI, as prices stalled on the month and dampened by 1.5pp to +13.5% y/y. This is the lowest PPI rate since April and 4.5 points below the July peak of +18.0% y/y. Energy continues to account for around half of headline inflationary pressures, food to a lesser extent.
- Downwards pressure came from lower energy costs, yet prices slowed in a largely broad-based manner whilst falling on the month in agricultural prices.
- This will be further positive news for South African inflation, after headline CPI slowed slightly more than forecast to +7.2% y/y in December. Core inflation unexpectedly eased, raising hopes that the worst might be over, yet inflation expectations remain elevated
- The SARB is expected to reduce the pace of monetary tightening at today's meeting from November's 75bp. The decision is due shortly after 1300 GMT. Consensus is split between 25bp and 50bp rate hike. See MNI's full preview here.
Source: Statistics South Africa
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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