Africa Data Response

Nigeria CPI (Sep.)

Inflation in Nigeria picked up to 11.2% y/y in September, but we still expect that policymakers will cut their key rate in November. If policymakers opt to leave the rate on hold, they will probably...

15th October 2019 · 2 mins read

Africa Data Response

South Africa Manufacturing PMI (Sep.)

South Africa’s PMI slumped to a decade low of 41.6 in September, adding to the evidence that – despite the rebound in Q2 – the underlying pace of economic growth remains very weak.

1st October 2019 · 2 mins read

Africa Data Response

South Africa CPI (Aug.)

South African inflation remained below the target midpoint in August, which we think will allow policymakers to cut their key rate from 6.50% to 6.25% at their meeting tomorrow.

18th September 2019 · 2 mins read

Africa Data Response

Nigeria CPI (Aug.)

Inflation remained above the central bank’s target in August, but the fact that core inflation slowed has strengthened our view that policymakers will cut their key interest rate in November.

17th September 2019 · 2 mins read

Africa Data Response

South Africa Manufacturing PMI (Aug.)

South Africa’s manufacturing PMI fell to 45.7 in August, adding to the evidence that – despite the rebound in Q2 – the underlying pace of economic growth remains weak.

2nd September 2019 · 2 mins read

Africa Data Response

South Africa CPI (Jul.)

South African inflation slipped to just 4.0% y/y in July, supporting our view that policymakers will cut their policy rate from 6.50% to 6.25% in September. This is a strongly non-consensus view.

21st August 2019 · 2 mins read

Africa Data Response

South Africa Manufacturing PMI (Jul.)

South Africa’s PMI rebounded to 52.1 in July, adding to signs that the economy gained pace in the middle of the year. Even so, headline growth over 2019 as a whole will be tepid, and we still expect...

1st August 2019 · 2 mins read

Africa Data Response

South Africa CPI (Jun.)

South African inflation remained at the 4.5% mid-point of the target range in June, which strengthens our view that policymakers will follow up this month’s 25bp rate cut with another one in September...

24th July 2019 · 2 mins read

Africa Data Response

Nigeria CPI (Jun.)

Inflation remained above the central bank’s target in June, but the fact that core inflation slowed has strengthened our view that policymakers will cut their key interest rate next week.

15th July 2019 · 2 mins read

Africa Data Response

South Africa Manufacturing PMI (Jun.)

South Africa’s manufacturing PMI picked up in June, but it still points to a poor performance in Q2. While the survey sometimes provides misleading readings, its consistent weakness suggests growth...

1st July 2019 · 2 mins read

Africa Data Response

South Africa CPI (Jun.)

Inflation remained at the 4.5% mid-point of central bank’s target range in May, providing the space for policymakers to support the economy by cutting their key interest rate next month.

19th June 2019 · 1 min read

Africa Data Response

Nigeria CPI (May)

Nigerian inflation remained, at 11.4% y/y, above the central bank’s target range in May, but policymakers will probably still cut their key interest rate in July.

17th June 2019 · 1 min read

Africa Data Response

South Africa Manufacturing (Apr.)

Manufacturing output jumped to a three-year high of 4.6% y/y in April. This provides the first sign that the economy returned to growth in Q2, thus dodging a technical recession.

11th June 2019 · 1 min read

Africa Data Response

South Africa Manufacturing PMI (May)

South Africa’s manufacturing PMI dropped back to 45.4 in May, dampening hopes of a recovery after a weak Q1. The fall in the prices sub-component supports our view that the South African Reserve Bank...

3rd June 2019 · 1 min read

Africa Data Response

South Africa CPI (Apr.)

Inflation in South Africa decreased to 4.4% y/y in April due to weaker core price pressures. We think that the headline rate will continue on a downward trend over the rest of the year. Combined with...

22nd May 2019 · 1 min read