Quarterly Report | Q1 ’22
Introduction
The first quarter of 2022 was dominated by the ongoing war in Ukraine and the actions of central banks to curb the impact of inflation. Economic data from South Africa came out better than expected during the first quarter of 2022. Despite high unemployment levels, increasing fuel and food prices, household spending remains high. The South African Terms of Trade benefited from increased commodity demand and higher prices during the last few months. Headline inflation has increased during March and should remain around 6% for the next few months, while core inflation remains within expectation of 34%. The South African Reserve Bank (SARB) announced a 0.25% rate hike in March, but could potentially feel pressure to increase rates at a faster pace from May. The South African Rand (ZAR) has strengthened throughout the first quarter as further interest rate increases are expected during 2022, making South African assets more attractive globally.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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