South Africa May CPI

South Africa's May headline CPI rose to 4.5% year-on-year, coming in below consensus expectations. HSBC analysts expect inflation pressures to moderate due to falling oil prices and currency strength.

Key Takeaways

• 1.Headline CPI rose to 4.5% y-o-y in May, below the Bloomberg consensus of 4.7%.
• 2.Higher fuel costs were the primary driver of headline inflation, while services CPI remained relatively tame.
• 3.The outlook for inflation has improved due to lower oil prices and currency strength, supporting a 'one-and-done' interest rate hike view.

Table of Contents

• South Africa (May CPI)
• Disclosures & Disclaimer
• Economics South Africa
• Disclosure appendix
• Additional disclosures
• Disclaimer

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