- The Minister of Finance Minister Enoch Godongwana tabled the treasury’s budget vote on a virtual platform in Parliament. The Budget Vote aims to outline progress made by the department in terms of its mandate to support efficient and sustainable public finance management and promote economic growth.
- The April consumer inflation (CPI) data released on Wednesday, remains unchanged from the previous release, i.e., 5,9%. The monthly rate decreased to 0,6% from 1,0%. This is the third time in five months that the annual rate was 5,9%, testing the 6% upper limit of the South African Reserve Bank’s monetary policy target range. The last time that headline inflation was above the target range was five years ago, when the rate was 6,1% in March 2017. See a summary report by National Treasury here and the full report from Stats SA here.
- The SA Reserve Bank’s Monetary Policy Committee (MPC) announced the latest interest rate decision on Thursday. As expected, the MPC increased the repo rate by 50 basis points (bps) to 4.75% with four MPC members voting for a 50 bps hike and one-member voting for a 25 bps rate increase. This was the fourth consecutive rate hike since November 2021. Click here for the full Monetary Policy Committee Statement: May 2022.