Inflation |

Easing Inflation, Stable Naira Show Nigeria MPC May Be Right

LAGOS (Capital Markets in Africa) – Nigerian central bank Governor Godwin Emefiele’s tight monetary-policy stance and system of multiple exchange rates may have paid off through slowing inflation and a stable naira, and he’s not about to change that soon. The Monetary Policy Committee is meeting this week with price growth at a two-year low. All but four of the 15 economists in a Bloomberg survey said the panel will continue its unchanged stance on Tuesday. The MPC…

South Africa Inflation Stays Firmly Within Target Band in August

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s inflation rate stayed firmly within the central bank’s target band in August, strengthening the case for more policy easing on Thursday. Inflation quickened to 4.8 percent from 4.6 percent in July, Pretoria-based Statistics South Africa said Wednesday in a report on its website. The median estimate of 22 economists in a Bloomberg survey was for 4.9 percent. Prices rose 0.1 percent in the month. The higher inflation is unlikely to…

Kenyan Inflation Quickens First Month in Three in August

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NARIOBI (Capital Markets in Africa) – Kenyan inflation quickened for the first time in three months as food prices increased and has moved outside of the central bank’s target band. The annual inflation rate rose to 8 percent in August, compared with 7.5 percent in the previous month, the Kenyan National Bureau of Statistics said Thursday in a statement emailed from the capital, Nairobi. Prices increased 0.6 percent in the month. The economy of the world’s largest shipper…

Weak Naira, Inflation Leave Nigeria Little Room to Cut Rates

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LAGOS (Capital Markets in Africa) – A weak naira and stubborn inflation may prevent Nigeria’s central bank from following South Africa and Ghana in cutting interest rates. Only two of 19 economists in a Bloomberg survey predicted the Monetary Policy Committee will reduce borrowing costs on Tuesday. The rest said the key rate will stay at a record high of 14 percent, where it’s been for a year. Governor Godwin Emefiele, who is scheduled to announce the…

Egypt Raises Fuel Prices as Government Pushes Painful Overhaul

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CAIRO (Capital Markets in Africa) – Egypt raised fuel prices by as much as 55 percent, as the government pushes ahead with reforms to cut the budget deficit and revive the economy that are also putting pressure on households. The price for a liter of 80 octane gasoline or diesel rose to 3.65 pounds (20 cents) from 2.35 pounds, the cabinet said in a statement on Thursday, while 92 octane fuel increased to 5 pounds…

South Africa Must Have Inflation-Target Talk, Buthelezi Says

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JOHANNESBURGH (Capital Markets in Africa) – South Africa should have talks on the appropriateness of the central bank’s inflation target, Deputy Finance Minister Sfiso Buthelezi said, adding to concern that the institution’s mandate may be altered. “We set this 3 percent to 6 percent then, under different economic conditions,” Buthelezi said at a conference Monday in Johannesburg. “Is it still relevant now? Is it a policy for all seasons?” Buthelezi’s remarks come a week after Public Protector Busisiwe Mkhwebane recommended…

March’s Inflation Trends Across the African Continent

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LAGOS (Capital Markets in Africa) – Angola’s inflation eased to 36.52 percent year-on-year in March from 38.32 percent in February, data from the National Statistics Agency reported. Price increases on a month-on-month basis slowed 1.91 percent in March compared to a 2.3 percent previously. Algeria’s consumer price inflation stood at 7 percent year-on-year in March from 4.7 percent a year earlier. The National Statistics Office reported. Inflation reached 1.6 percent in March compared with the…

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