A Bumpy Inflation Landscape

SOUTH AFRICA - Report 26 Jun 2015 by Iraj Abedian
Headline inflation has accelerated from 4% year on year (y/y) in March 2015 to 4.6% y/y in May 2015. Producer price inflation for final manufactured goods increased significantly, to 3.6% y/y in May 2015 from 3.0% y/y recorded in April. Essentially, the trend in domestic inflation has reversed course. Both domestic and global factors are at play. Graph 1 CPI and PPI inflation and repo rates, South Africa, 2009 Jan – 2015 May Source: SARB and PAIRS To illustrate, according to the SARB Quarterly Bulletin, the commercial maize crop yield is expected to fall from 14.3 million tons in 2013/14 to...

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