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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 JUN CPI +1.1% M/M (FCST +0.9%); MAY +0.7% M/M
SOUTH AFRICA JUN CPI +7.4% Y/Y (FCST +7.3%); MAY +6.5% Y/Y
SOUTH AFRICA JUN CORE CPI +4.4% Y/Y (FCST +4.3%); MAY +4.1% Y/Y
- June saw another hot CPI print from South Africa as price pressures continue to see no easing. Headline CPI jumped 0.9pp to +7.4% y/y, the highest since May 2009 (8.0%), whilst core CPI rose 0.3pp to +4.4% y/y, both 0.1pp above consensus expectations.
- Compared to May, prices accelerated by 1.1% m/m, quickening from the previous pace of +0.7% m/m.
- Substantial increases were seen across food and beverages (+8.6% y/y), housing and utilities (+5.1% y/y) and transport (+20.0% y/y), the latter accounting for the largest share of headline inflation.
- Continued supply chain disruptions and high energy prices remain driving forces behind inflationary pressures.
- With CPI continuing to exceed the 3-6% target range, the SARB is expected to hike by 50bp to 5.25% tomorrow. The chance of a 75bp hike currently sits around 40%.
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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