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Nation Strikes While Inflation Expected to Rise to 13y High

SOUTH AFRICA
  • Today’s marks the beginning of nationwide strike action, led by the largest two unions in the country. Thousands of workers are expected to stay away from work and strike, with the unions protesting against load-shedding, fuel price hikes and escalating food prices. Some ANC party members are expected to join the action, particularly those who have not received any salary increases in the past four years, according to the Daily Maverick.
  • BusinessLive reports that President Ramaphosa has informed his closest aides that he does not plan a major cabinet reshuffle until after the governing party’s national conference in December. However, if finance minister Godongwana is to be charged with sexual assault, he would be immediately replaced.
  • The South African writes that previous Central Energy Fund data that had suggested a sizeable cut in fuel prices for September has largely reversed due to the weakening ZAR and higher oil prices. The smaller decrease in prices will be announced at the end of this month, becoming effective as of midnight September 6th.
  • Inflation data due later today is expected to tick higher to 1.5% on a M/M basis for July, with the Y/Y rate seen rising to 7.8%.
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