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Inflation Data Takes Focus, Parliament To Discuss No-Confidence Motion Against Speaker

SOUTH AFRICA
  • Statistics South Africa will publish CPI inflation data for February at the top of the hour (08:00GMT/10:00SAST). Headline inflation is expected to have eased a tad to +6.8% Y/Y from +6.9% prior, with core inflation expected to come in at +5.0% Y/Y versus +4.9% previously. The data will be closely watched by the SARB, who have been placing greater emphasis on anchoring inflation around the mid-point of the +3.0%-6.0% Y/Y target range rather than merely bringing it below the upper limit of that tolerance band. The central bank holds its next monetary policy meeting next week.
  • The National Assembly will today debate a no-confidence motion against Speaker Nosiviwe Mapisa-Nqakula, who has just returned from a Russia-Africa parliamentary conference held in Moscow. The motion was tabled by the opposition EFF party, who claim that the Speaker infringed their freedom of expression by kicking their lawmakers out of the Cape Town City Hall during President Ramaphosa's SONA. In addition, parliament will discuss a motion tabled by the main opposition Democratic Alliance to establish an ad hoc committee to investigate the Phala Phala scandal. Both motions will likely be voted down by the ruling ANC party.
  • Eskom has resumed load-shedding after a South African public holiday and is running Stage 2 power outages since 05:00 this morning. Stage 3 will kick in from 16:00, lasting until 05:00 on Thursday. The electricity utility is planning to alternate between Stages 2 and 3 until further notice.
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