The FNB House Price Index growth averaged 0.8% y/y in December, marginally higher than the 0.7% in November (revised from 0.5%), and a low of 0.5% in October.
The South African Reserve Bank's (SARB) 4Q24 Quarterly Bulletin, released on 27 March, provides fresh insights into consumer finances. In this piece, we unpack key trends in household balance sheets, highlighting improving real wages, cautious debt management, and rising net wealth.
The National Budget has finally been tabled, exhibiting tight fiscal manoeuvring as confidence and growth hang in the balance. Ultimately, the budget reflected slippage as spending pressures persist, and while tax increases have reduced the spillover to the deficit and borrowing requirement, fiscal policy is looser than previously envisioned. Importantly, this is at a time when monetary policy has gradually become less restrictive on economic activity and is expected to be neutral by the end of the year. Question is, does the fiscal outlook warrant more caution on the monetary front?
Following the unprecedented Budget postponement in February, attention again turns to Finance Minister Enoch Godongwana as he prepares to deliver the much-anticipated 2025 Budget Review on Wednesday, 12 March. The delay in February appeared to centre around discussions over a potential VAT increase from 15% to 17%, and it remains unclear whether a compromise on a smaller hike has been reached.
After troughing at 2.1% y/y in May 2020, due to a lockdown-driven fall in demand and statistical imputations, headline inflation accelerated to 5.2% y/y in May of 2021. CPI weights are typically updated at least every five years, in line with international standards. New weights will be introduced with the January 2022 data and the base year will change to December 2020.
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