PMI: As inflationary pressures continue unabated across the continent, businesses are having to contend with higher input costs across the board. The latest PMI data shows that in May, business conditions have deteriorated across the continent with output falling and general demand waning. 

PMI: As inflationary pressures continue unabated across the continent, businesses are having to contend with higher input costs across the board. The latest PMI data shows that in May, business conditions have deteriorated across the continent with output falling and general demand waning.&nbsp;

AMI 7 June 2022: Africa PMI figures reveal growth concerns

Namibia: The latest data from the Hospitality Association of Namibia shows an improvement in National Occupancy rates. Room occupancy in April was recorded at 36.5% relative to 27.0% over the same period last year. 

Namibia: The latest data from the Hospitality Association of Namibia shows an improvement in National Occupancy rates. Room occupancy in April was recorded at 36.5% relative to 27.0% over the same period last year.&nbsp;

AMI 3 June 2022: Namibia’s hospitality sector gradually improving

SSA: Zambia has announced a 3.3% increase in pump prices on the back of rising oil prices. Earlier this week, South Africa, which has extended its fuel price relief, 

SSA: Zambia has announced a 3.3% increase in pump prices on the back of rising oil prices. Earlier this week, South Africa, which has extended its fuel price relief,&nbsp;

AMI 2 June 2022: Pump prices see further increases

Kenya: Inflation has passed the 7% mark in Kenya, coming in at 7.1%y/y as food and fuel inflation continues to drive average prices higher. This is the highest print since February 2020. Cooking oil and wheat prices continue to increase in Kenya and will likely keep food inflation elevated for longer- currently food and non-alcoholic beverages is growing by 12.4%y/y.

Kenya: Inflation has passed the 7% mark in Kenya, coming in at 7.1%y/y as food and fuel inflation continues to drive average prices higher. This is the highest print since February 2020. Cooking oil and wheat prices continue to increase in Kenya and will likely keep food inflation elevated for longer- currently food and non-alcoholic beverages is growing by 12.4%y/y.

AMI 1 June 2022: Kenya’s inflation edges higher

Kenya: In line with our base case scenario, the MPC opted to increase interest rates by 50bp, raising the benchmark interest rate from 7.0% to 7.5%. The narrative for higher interest rates is similar to that of other economies and can be summarised as: rising global uncertainty on account of the Russia/Ukraine war; higher global interest rates and higher global inflation.

Kenya: In line with our base case scenario, the MPC opted to increase interest rates by 50bp, raising the benchmark interest rate from 7.0% to 7.5%. The narrative for higher interest rates is similar to that of other economies and can be summarised as: rising global uncertainty on account of the Russia/Ukraine war; higher global interest rates and higher global inflation.

AMI 31 May 2022: CBK raises interest rates by 50bp

Egypt: Moody’s has changed Egypt’s outlook to negative from stable, whilst maintaining the sovereign rating at B2. The effects of the pandemic are having a devastating impact on the Egyptian economy as food inflation soars and as concerns around supply chain prevail.

Egypt: Moody&rsquo;s has changed Egypt&rsquo;s outlook to negative from stable, whilst maintaining the sovereign rating at B2. The effects of the pandemic are having a devastating impact on the Egyptian economy as food inflation soars and as concerns around supply chain prevail.

AMI 30 May 2022: Egypt’s ratings outlook goes negative – Moody’s

he inflation deceleration trend continued in May as headline CPI printed 130bp lower at 10.2% from 11.5% in April.

he inflation deceleration trend continued in May as headline CPI printed 130bp lower at 10.2% from 11.5% in April.

AMI 27 May 2022: Zambia - disinflation continues

Mozambique: During the first quarter of the year, the economy grew 4.1% as sectors such as hotels and restaurants, extractive industry, transport and logistics sector grew above 5.0% over the same period. Meanwhile, low growth was found in the public administrative levels, real estate and fishery which continue to growth by less than 1.0%. 

Mozambique: During the first quarter of the year, the economy grew 4.1% as sectors such as hotels and restaurants, extractive industry, transport and logistics sector grew above 5.0% over the same period. Meanwhile, low growth was found in the public administrative levels, real estate and fishery which continue to growth by less than 1.0%.&nbsp;

AMI 26 May: Mozambique grows by 4.1% in the first quarter

The Bank of Ghana opted to raise the main policy rate by a further 200bp, from 17% to 19%. The move was largely anticipated given the rising inflationary pressures in the economy.

The Bank of Ghana opted to raise the main policy rate by a further 200bp, from 17% to 19%. The move was largely anticipated given the rising inflationary pressures in the economy.

AMI 24 May: Ghana hikes by 200bp, as expected

Ghana: With inflation soaring past 20% and real policy rates turning negative, we expect the BoG to continue hiking interest rates in the near term. In our base case, we expect the Bank of Ghana to increase interest rates by 300bp over the next 12 months. 

Ghana: With inflation soaring past 20% and real policy rates turning negative, we expect the BoG to continue hiking interest rates in the near term. In our base case, we expect the Bank of Ghana to increase interest rates by 300bp over the next 12 months.&nbsp;

AMI 23 May 2022: Ghana further hikes expected

RMB's research offering spans across the fixed income, currency and credit markets to offer strategic insight to our clients across multiple sectors and markets.

RMB's research offering spans across the fixed income, currency and credit markets to offer strategic insight to our clients across multiple sectors and markets.

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