South Africa Consumer Prices (Apr.)

The rise in South Africa’s headline inflation to 2.8% y/y still left it below the lower bound of the Reserve Bank’s 3-6% target range and, ordinarily, would make us more confident that the easing cycle will be resumed. But if the Treasury announces a lower inflation target as part of the Budget later today, it’s likely that the SARB will stay on the sidelines for some time.

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