Credit Rating. S&P upgraded SA’s foreign-currency sovereign rating to BB from BB-. The first upgrade in over two decades. SA Food Inflation. Food and non-alcoholic beverages inflation slowed to 3.9% – its lowest reading in more than three years.
SA Trade. A monstrous R21.8bn surplus — the fattest treasure chest since March 2025. Inflation. Core inflation crept to 3.2% — a spooky rise not seen since February’s 2025 haunt.
Crescendo of Growth. South Africa’s economy grew 0.8% in Q2 2025, its strongest quarterly crescendo since Q2 2023. Pianissimo Expectations. SA inflation expectations dropped to record lows over the month.
Inflation. Inflation rose to 3.5% in July, the highest in months. Employment. South African unemployment climbed to 33.2% in 2Q25, the highest since 2Q24. Bonds. South African 10-year bond yields fell to 9.6%, a seven-month low.
Rates. Like “The Big Short” rewind, SARB cut rates 25bps to 7% – the lowest since Nov 2022. Inflation. “Frozen” price pressures – June inflation rose slightly to 3.0%, remains at the lower end of the SARB’s target range. Consumer. SA food inflation rises 4.4%...
Dot. The SA economy grows at just 0.1% QoQ — surviving but not scoring. Bowled. US Dollar Index drops 10.8% YTD — its worst f irst half since 1973. Four SA food inflation rises 4.4% year on year — highest since March 2024.
