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PPI Clashes With View That Peak Inflation is in Rearview Mirror

SOUTH AFRICA
  • South African PPI (Jul) M/M +2.2% vs. Exp. +1.8% (Prev. +2.1%)
  • PPI (Jul) Y/Y +18.0% vs. Exp. +17.5% (Prev. +16.2%)

Higher than expected PPI - covers same month as yesterday's inline CPI headlines (although core was a touch higher than expected).

  • Could clash somewhat with the various op-eds across South African press this morning that suggested the country is past the peak of near-term price pressures.
  • Recall: Business Day ran two separate pieces on inflation today, 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.
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