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.
The Nigerian government is poised to greenlight ExxonMobil's $1.28bn asset sale to Seplat Energy within the next two weeks, pending resolution on critical issues related to decommissioning and host ... more
Atlantic Lithium Ltd., an African-focused lithium exploration and development company targeting to deliver Ghana's first lithium mine, has been approved to list on the Ghana Stock Exchange (GSE), ... more
Russian uncut diamond major Alrosa will have to sell its stake in Angola's Catoca diamond mining company owing to the latter's concerns about the prospects for collaborating with the sanctioned ... more