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S. African CPI Data On Radar, House Speaker's Home Raided In Corruption Probe

SOUTH AFRICA
  • Statistics SA will release CPI data for February at 08:00GMT/10:00SAST, with consensus looking for an uptick in headline rate to +5.5% Y/Y from +5.3% recorded in January. Core inflation may have accelerated to +4.9% Y/Y from +4.6% prior. The South African Reserve Bank (SARB) seeks to anchor these metrics at the +4.5% Y/Y mid-point of its +3.0-6.0% target band. Note that the results of a quarterly survey by the Bureau for Economic Research released yesterday showed that inflation expectations for the years 2024-2026 decreased in the first quarter of this year.
  • Bank of America said that they expect the SARB to keep a hawkish tone on monetary policy at its Monetary Policy Committee (MPC) meting slated for next week, and to start cutting rates from July, following the Fed's delayed easing cycle. Their sub-Saharan Africa Economist Tatonga Rusike also said that South Africa is more likely to receive an upgrade than a downgrade to its credit rating if growth is maintained and elections go smoothly.
  • President Cyril Ramaphosa said that any action against officials implicated in state capture would only be taken as a result of the "outcomes of the processes undertaken by the relevant entities" with investigative powers.
  • This came after National Assembly Speaker Nosiviwe Mapisa-Nqakula's home was raided as part of a corruption investigation, which adds to Ramaphosa's troubles as multiple officials from his party are facing graft allegations.
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Political Risk BulletEM BulletHomepageBulletPolitical RiskEmerging Market News

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