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SARB Gov Flags Need For Lower Inflation Target, Eskom Escalates Blackouts, Q2 GDP On Tap

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago told the Mail & Guardian that there is still a strong case for a lower inflation target. The central bank's current inflation target range of +3%-6% Y/Y has been in place for 21 years. The Governor had previously called for lowering the level of inflation targeted by the SARB to +3% Y/Y, which in his view could "help dampen exchange rate volatility and sovereign risk, reduce the potential for upward drift in the real exchange rate, and materially lower debt service costs."
  • South Africa's diesel price will be hiked by the most in three years amid higher international fuel costs and a weaker rand, while gasoline pump cost will rise by the most in over a year. The Congress of South Africa Trade Unions (COSATU) warned that "this unrestrained escalation in the cost of living will poison the upcoming wage negotiations and will automatically push our affiliates to demand above inflation salary adjustments for our members."
  • Eskom was forced to escalate loadshedding further due to the increase in generation maintenance and the loss of a further two generation units at Lethabo and Matla power stations. The utility is implementing Stage 6 blackouts from 05:00 today until further notice. The last time South Africa experienced Stage 6 outages was on July 13. Electricity Minister Kgosientsho Ramokgopa will give an update on the performance of the grid later this morning at 09:00BST/10:00SAST.
  • South Africa's August S&P Global PMI will cross the wires at 08:15BST/09:15SAST. Later in the day, Q2 GDP (Bloomberg median estimate: +1.2% Y/Y) will be released at 10:30BST/11:30SAST.
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