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SOUTH AFRICA: Nedbank Expect CPI to Hover Close to 4.5% for Much of 2025

SOUTH AFRICA
EM BulletBulletEmerging Market News
  • Nedbank expect inflation to drift higher into 2025, lifted by food and fuel prices. Food inflation will rise as the high base reverses and the impact of the earlier dry weather filters through. However, improved domestic operating conditions due to a stable electricity supply and further efficiency gains in logistics should help contain input costs and operating expenses.
  • Inflation is expected to hover around the SARB's 4.5% target for much of next year and average 4% in 2025. The economic recovery is also unlikely to lead to significant demand pressure on prices. Consequently, Nedbank expect the SARB to cut interest rates by 75 basis points in 2025.
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  • Nedbank expect inflation to drift higher into 2025, lifted by food and fuel prices. Food inflation will rise as the high base reverses and the impact of the earlier dry weather filters through. However, improved domestic operating conditions due to a stable electricity supply and further efficiency gains in logistics should help contain input costs and operating expenses.
  • Inflation is expected to hover around the SARB's 4.5% target for much of next year and average 4% in 2025. The economic recovery is also unlikely to lead to significant demand pressure on prices. Consequently, Nedbank expect the SARB to cut interest rates by 75 basis points in 2025.