South Africa’s annual headline inflation slightly decreased to 6.0% in September after reaching a four-year high of 6.4% in August, Statistics South Africa said. Compared month-on-month, consumer prices increased by 0.5% in September after rising by 0.3% in August.
The sub-groups that contributed most to the monthly inflation in September were the household goods and services, which contributed 1.1ppt, and the food and non-alcoholic beverages and housing and utilities, which contributed 0.8ppt each. The prices of household goods and services rose 3.8% y/y last month, accelerating from 3.0% in August. Food and non-alcoholic beverages climbed 5.9% y/y, slowing from a 7.1% rise in August. The annual inflation rate for housing and utilities decreased 5.4% y/y, the same level as in August.
The annual headline inflation remained within the upper end of the central bank’s 3%-6% target range, and was slightly lower than the predictions of the central bank, which expected inflation to peak at 6.3% in Q3 and to ease afterwards.
South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more
Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more
Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more