South Africa Manufacturing PMI (Mar.)

The further rise in South Africa’s manufacturing PMI in March to a record high provides further evidence that the economy has rebounded strongly from the Omicron-driven dip in activity at the end of last year. This, combined with stronger price pressures emanating from the war in Ukraine and last week’s hawkish tilt by the Reserve Bank, means that risks to our interest rate forecasts lie increasingly to the upside.