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Inflation keeps falling
28/07/2010
Headline CPI rose 4.2% in the 12 months to June. The rate is now just below the mid-point of the 3% to 6% inflation target of the Reserve Bank. Currently there is a lack of inflationary pressures and inflation should decline further in coming months. Interest rates are likely to remain unchanged, but if the global or domestic recovery stalls, another cut could materialise.

>> SA CPI inflation June 2010 28 July 2010 2.pdf

Manufacturing making slow progress
14/07/2010
Manufacturing production continued the recovery out of recession during May and production was 6.9 percent  higher than a year ago. However, the annual growth rate was boosted artificially because of the low level of manufacturing in mid 2009. Manufacturing production during April and May was only marginally higher than the average production levels in the 1st quarter average production levels.

>> SA Manufacturing - May 2010 14 July 2010.pdf

Retail sales make further progress
14/07/2010
Local real retail sales continued to improve in May as sales advanced 4.6 percent compared to a year ago. Monthly retail sales in April and May were marginally higher than the monthly average in the 1st quarter monthly average. With retail sales recovering, the SARB’s Monetary Policy Committee (MPC) is likely to leave interest rates unchanged, but if the global or domestic recovery stalls, rates could be cut.

>> SA Retail sales May 2010 15 July 2010 .pdf

Forex reserves higher in June
07/07/2010

The value of South Africa’s gross gold and forex reserves rose US$602 million to $42.2bn at the end of June. Forex reserves were US$513 million higher at US$34.6bn. The slightly higher gold price saw the value of gold reserves increase by US$88 million to US$5bn. Net reserves improved US$261 million to the end of the month.



>> SA Reserves June 2010 7 July 2010.pdf

Credit growth turning positive
30/06/2010

Private sector credit growth improved in May and turned positive for the first time since September 2009. Household credit growth continued to increase while growth in corporate credit was less negative. The improvement in credit growth adds weight to the argument that the local interest rate cycle has probably reached its lower turning point.



>> SA credit demand May 2010 30 June 2010.pdf