South Africa’s annual headline inflation rate stood at 5.9% in April 2013, at the same level as in March, just below the upper end of the central bank’s 3%-6% target range, Statistics South Africa said. Compared month-on-month, consumer prices rose 0.4% in April, slower than the 1.2% growth in March.
The prices of food and non-alcoholic beverages grew 0.5% m/m last month, pushing the annual food inflation rate up to 6.2% from 5.7% in the previous month. Higher petrol prices led to a 0.5% monthly growth in transport prices, but the annual transport inflation rate fell to 6.2% last month from 7.5% in March.
According to analysts, the key driver for inflation was the weakness of the local currency, while demand has remained subdued. It is widely expected that the South African Reserve Bank would keep interest rates on hold at 5% at its Thursday (May 23) meeting in order to keep a balance between upside risks to inflation and a sluggish economy.
The central bank has projected headline inflation to rise to 6.3% in Q3, but to slow to 5.2% in Q4.
Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more
South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more
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