德银-南非-宏观经济-南非：通胀上升-20180124-9页

24January2018EMEASnapSub-SaharanAfricaSouthAfricaEconomicsEMEASnapDate24January2018DeutscheBankMarketsResearchSouthAfrica:Uptickininflation,butoncourseforlowerprintstofollowSouthAfricaDecemberinflationupslightlyto4.7%YoYConsumerpricesincreasedby0.5%MoMinDecember,thefastestincreaseinthreemonths.Thistakesfullyearaverageinflationto5.3%,nowwithintheSARBstargetbandof3%-6%,comparedto6.3%attheendof2016.Corepricesalsoincreasedatthefastestpaceinthreemonthsat0.3%MoM.HeadlineYoYcoreinflationdeclinedby0.2ppsto4.2%YoYnonetheless,onthebackofahigherbase.Inthisnote,weanalysethedetailsoftheDecemberinflationprint,provideanupdateonupcominginflationdynamicsanddiscussimplicationsfortheFixedIncomemarket.FixedIncomeTraderecommendation:BelongR2030(entrance:9.17,current:8.88,target:8.50,stop:9.50)ElinaRibakovaChiefEconomist+44-20-7547-1340