Inflation: Headline consumer inflation increased marginally and in line with consensus estimates to +3.6% y/y in December from +3.5% y/y in November. The economy continues to benefit from a muted inflation environment, underpinned by the rand’s strong performance and persistently low oil prices. In the coming months, headline CPI could decline.
Repo rate: The SARB opted to keep the repo rate unchanged at 6.75% last month despite a stronger ZAR and subdued inflation. This decision builds credibility around the SARB’s new 3% inflation target.
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