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Papers See South Africa Past Peak Inflation

SOUTH AFRICA
  • Business Day run two separate pieces on inflation, both suggesting we’ve moved past peak price rises in South Africa. The first piece cites the Bidcorp CEO (one of the largest food services firms in South Africa) in saying that the worst of the price increases have now come to pass, and the firm is seeing inflation taper off. The second is an editorial piece, breaking down yesterday’s inflation release and noting that SA’s 7.8% is still short of inflation levels seen in the US and UK.
  • Responding to questioning yesterday, the Deputy Minister for State Security has confirmed that no resources of the state were used or involved in any cover up either before or after the supposed criminal acts at Ramaphosa’s Phala Phala farm in 2020. The questioning comes amid allegations that the President could have used state resources to cover up any supposed robbery and breach of foreign exchange laws.
  • Following strike action across the country yesterday, a number of papers write about the limited impact of the industrial action, with more firms conducting business as usual, although protesters threatened another walkout in two weeks’ time if demands are not met by the government.
  • Government Minister Gungubele has reiterated that the government has no plans to sell Eskom, in an attempt to reassure protestors concerned about a possible privatisation.
  • PPI takes focus going forward, with markets expecting a 17.5% print Y/Y and a 1.8% read for the M/M release.
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