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SOUTH AFRICA: S. Africa Reports June PPI After Headline CPI Slows To +5.1% Y/Y

SOUTH AFRICA
  • The Daily Maverick reported that ANC rapporteur Amanda Vilakazi called upon the party's National Disciplinary Committee (NDC) to expel ex-President Jacob Zuma for his involvement with the uMkhonto weSizwe (MK) Party. Zuma failed to attend the virtual hearing after his request for an in-person one was declined.
  • Trade Minister Parks Tau echoed US President Joe Biden's call for an extension to the African Growth and Opportunity Act (AGOA) beyond the 2025 expiry date, noting that a long-term re-authorisation would provide policy certainty and foster industrial growth on the continent.
  • South Africa's headline CPI inflation slowed to +5.1% Y/Y in June, the lowest level this year, in line with expectations. Core CPI eased to +4.5% Y/Y, marginally missing the consensus forecast of +4.6%. The focus turns to PPI data, due for release today at 10:30BST/11:30SAST.
  • Stanlib said that South Africa may struggle to keep inflation sustainably at +4.5% Y/Y over the next few years amid problems with infrastructure backlogs and fiscal constraints.
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