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SA’s latest CPI print holds out hopes of a second-half rate cut

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SA’s April inflation data surprised on the downside: it was up 0.3% for the month vs market expectations for 0.4%. As a result, the annual inflation rate has moderated to 5.2%, with core inflation at 4.6%. Food inflation has slowed over the past three months and is now at 4.4% y/y – a year ago it was at 14%. The main contributors to inflation are administered prices, including electricity at +15%, which are outside the control of monetary policy. This makes it increasingly likely that the SARB will begin interest rate cuts in the second half of the year.
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27 May English South Africa Investing · Business News

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