SSA CORE OUTLOOK: 15 TO 19 APRIL
15 April: Botswana March CPI. The recently rebased CPI has not seen much of a change in the inflation backdrop. Headline inflation tracked lower to 3.3% y/y in February, staying at the lower-end of the 3-6% objective range.
16 April: Nigeria’s March inflation. The headline rate has stabilised in recent months, printing 11.3% y/y in February, marginally above the cyclical trough of 11.1% y/y reached in July 2018. Though still outside of the CBN’s 6-9% preferred range, the stabilization of consumer inflation ushered in a change in the tone of monetary policy at the March MPC meeting where the vast majority of members voted for a rate cut.
17 April: South Africa March CPI, February retail sales and SARB Monetary Policy Review. A more notable 5.3% m/m hike in petrol prices and 6.9% increase in diesel prices in March means that overall inflation (February: 4.1% y/y) likely rose further last month. In January retail trade volumes returned an expansion of 1.2% y/y after a contraction of 1.6% in December. In Ghana, the GSS is due to publish Q4 2018 national accounts data. Ghana grew by a firm 7.4% y/y in Q3 2018 and the IMF recently projected it would be the fastest growing economy in the world in 2019.
18 April: South Africa February wholesale trade sales. In January, sales rose 0.9% y/y after a decline of 5.4% y/y in December.
19 April: Public holiday in major economies in the region (Good Friday). This includes Nigeria, South Africa, Angola, Kenya, Ghana, Kenya, Uganda and Tanzania.
DISCLAIMER: CORE-LINES IS PRODUCED BY DUMISANI NGWENYA AND HIGHLIGHTS DATA AND EVENTS UPCOMING IN SELECTED COUNTRIES IN THE REGION. IT IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. FINAL DATES ARE DECIDED BY LOCAL AUTHORITIES. ALL RIGHTS RESERVED.