South Africa Factory Index Suggests Price Pressures Have Peaked [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
The gauge declined to 64.4 from 75.9 in November, Absa Group Ltd. said on Friday. That's the lowest monthly reading since November 2019, before the coronavirus pandemic disrupted supply chains and a week of deadly riots, looting and arson sent prices soaring. The “steep downturn” was supported by lower oil prices and a stronger rand relative to the prior month, and bodes well for a continued moderation in producer price inflation in the first few months of the 2023, the Johannesburg-based lender said. The annual producer and consumer price indexes rose by 15% and 7.4% respectively in November, Statistics South Africa data show. The decline in the producer price index stoked optimism among manufacturers, with the gauge tracking expected business conditions in six months' time rising to 54.9 in December from 51.7, Absa said. The overall purchasing managers' index rose to 53.1 from 52.6. While an outcome above 50 signals expansion, the “underlying picture is more mixed,” it said.
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