Budget & Trade Balance- January ’26
Seasonal deteriorations in January’s trade and budget data.
Private Sector Credit – January ’26
Despite consensus estimates expecting a slight slowdown in private sector credit growth (to +8.6% y/y) in January, growth improved marginally
PPI – January ’26
Producer price inflation slowed beyond consensus estimates (of +2.4% y/y) to +2.2% y/y in January, down notably from +2.9% y/y
Leading indicator – December ’25
The SARB’s composite leading indicator decreased slightly in December, to 117.2 points from 118.4 points in November.
Recap & Outlook: 23 Feb ’26
Recap & Outlook is a single report focused on the key developments of the week.
Retail sales – December ’25
Domestic retail sales (inflation-adjusted) grew by +2.6% y/y in December, down from +3.6% y/y in November (revised).
CPI – January ’26
Headline consumer inflation slowed marginally in January to +3.5% y/y from +3.6% y/y in December.
Unemployment (QLFS) – Q4 ’25
In line with expectations, South Africa’s official unemployment rate remained largely unchanged in Q4 2025 at 31.4%.
Markets shrug off SONA
President Trump has nominated Kevin Warsh to replace Jerome Powell as Fed Chair.
Seesaw in US rate cut expectations
Last week was less volatile than previous weeks. It was nonetheless characterised by fluctuating asset prices, depending on whether the