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December CPI Data On Radar, Electricity Min Says Eskom Performs Better Than Expected

SOUTH AFRICA
  • The focus is on South African December CPI data due for release at 08:00GMT/10:00SAST. Headline inflation is expected to have moderated to +5.2% Y/Y from +5.5% prior, with core inflation seen steady at +4.5% Y/Y (versus the SARB's preferred target mid-point of +4.5%). The report traditionally comes out the day before the SARB's monetary policy decision, with the central bank widely expected to keep interest rates unchanged on Thursday. Click here to see our full preview of tomorrow's decision with a summary of sell-side views.
  • Eskom announced yesterday that loadshedding would be reduced to Stage 1 this morning and would remain in effect until 16:00, followed by Stage 2 from 16:00 to 05:00 on Thursday. This pattern of Stage 1/Stage 2 power cuts is expected to be repeated daily until further notice.
  • Electricity Minister Kgosientsho Ramokgopa said that loadshedding helps Eskom avoid overspending its diesel budget for this financial year. The official noted that systems have begun to show improvement, while Eskom's performance is "exceeding expectations".
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