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Thursday, 26 March 2009 20:52

PPI down

Written by Paul Bedford

According to data released by Stats SA today South Africa's year-on-year producer price index (PPI) dropped from 9.2% in January to 7.3% in February. This is the sixth consecutive month that the figure has declined. The figure was slightly below the average predicted by a group of economists.

Commenting on the results most economists welcomed the news and expected the trend to continue in the coming months.

Wednesday, 18 March 2009 16:39

MPC to meet early

Written by Paul Bedford

The Reserve Bank announced earlier today that its monetary policy committee will meet on Monday and Tuesday next week. The next MPC meeting was scheduled to be held in mid-April.

Next week's meeting is likely to result in an interest rate after a stream of economic data has shown that the South African economy is slowing.

Tuesday, 24 February 2009 17:23

South African economy shrinks

Written by Paul Bedford
GDP figures released today show that the South African economy contracted by 1.8% in the fourth quarter of 2008. The figure, seasonally adjusted and annualized, is higher than the 1.2% predicted by economists and is the first decline in 10 years.
Thursday, 05 February 2009 22:37

Repo rate down

Written by Paul Bedford

Reserve Bank Govenor Tito Mboweni announced a 100 basis point cut in the repo rate earlier toady. The repo rate, the rate at which the Reserve Bank lends to other banks, is now 10.5% with the prime lending rate dropping to 14%.

This reduction in the rate is the second successive decrease after the 50 basis point decrease that was announced by the Reserve Bank's monetary policy committee in December. Consumers will welcome the interest rate reduction especially after the incease in the petrol price earlier this week.

Thursday, 14 August 2008 17:14

Interest rates stay static

Written by Paul Bedford

Reserve Bank govenor Tito Mboweni announced earlier today that the repo rate will remain at 12%. Speaking after the bank's Monetary Policy Committee meeting Mboweni said, "The MPC has considered recent economic developments and the outlook for inflation and has concluded that, notwithstanding certain risks to future inflation outcomes, the current monetary policy stance is appropriate." 

Wednesday, 28 May 2008 19:08

CPIX higher than predicted

Written by Paul Bedford
Economists' forecasts ranged between 9.8% and 10.3% but the figure released by Statistics South Africa (Stats SA) earlier today was 10.4% year-on-year in April. This is up from 10.1% in MArch and 6.5 % a year ago.
Friday, 29 February 2008 16:19

Petrol up to record high

Written by Paul Bedford
Prices of both pertol and diesel will rise to record highs on Wednesday. The Department of Minerals and Energy announced earlier today that the price of all grades of pertol will increase by 61 c a litre while the wholesale price of both grades of diesel will go up by 78 c per litre.
Friday, 01 February 2008 19:35

Petrol and diesel up again

Written by Paul Bedford

The Department of Mineral and energy affairs today announced that the pump price of all grades of petrol will increase by 17c per litre net Wednesday. The wholesale price of both grades of diesel will increase by 7c per litre.

Friday, 01 February 2008 19:07

No hike in interest rates

Written by Paul Bedford
Reserve Bank govenor Tito Mboweni announced earlier today that the ban's repo rate will remain at 11%. This came despite inflation being considerably above the target range of 3 to 6%. Mboweni said that the decision not to increase the repo rate was partially due to the fact that there was "some evidence of moderation in domestic consumption."
Wednesday, 30 January 2008 19:51

Inflation up again

Written by Paul Bedford

Satistics South Africa (Stats SA) announced today that the country's inflation rate (CPIX) has risen to 8.6% year-on-year in December, up from 7.9% in November. The figure, which excludes mortgage rate changes, is used by the South African Reserve Bank in its inflation targeting measures.

December was the ninth consecutive month that CPIX has been above the reserve bank's target range of 3 to 6% and will be one of the factors considered when the monetary policy committee meets tomorrow. 

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