SA inflation drops

JOHANNESBURG – South Africa’s producer inflation braked to 5,8 per cent year-on-year in December from 6,2 per cent in November, official data showed yesterday. Statistics South Africa said on a monthly basis PPI, which represents domestic output, also slowed to 0,3 per cent from 0,7 per cent in November.
Exported commodities inflation was lower at 6,0 per cent year-on-year in December from 6,2 per cent the previous month, but imported commodities inflation quickened to 0,7 per cent year-on-year from 0,5 per cent.

Egypt tells investors to stay calmCAIRO – Egypt’s bourse chief said there was no reason to suspend trading, a newspaper reported yesterday, after the main index plunged following demonstrations calling for the overthrow of the government. The EGX30 suffered its third-biggest one-day loss on Wednesday, slumping 6,1 per cent to 6 310 points as all 30 stocks on the index saw sharp declines. The market was panicking unjustifiably and investors should remain calm and patient, the head of the exchange Khaled Serry Seyam said, in comments carried by the daily al-Alam al-Youm. ‘All that is happening has no justification,’ he said. ‘Things are calm and citizens are going about with their day-to-day lives. There is no reason for panic.’
Zambia’s inflation rises LUSAKA – Zambia’s headline consumer inflation quickened to 9,0 per cent year-on-year in January from 7,9 per cent in December, the Central Statistics Office said yesterday. The CSO said the rise was due to increases in the costs of both food and non-food items.Kumba to fight mine right rejectionJOHANNESBURG – Kumba Iron Ore yesterday said it will fight South Africa’s decision to reject its bid for a disputed mining right, calling the decision ‘legally incorrect and fundamentally flawed’. The dispute concerns Kumba’s bid for a mining right over a 21,4 per cent stake in its Sishen mine. The company said it would challenge the decision in court. The iron ore producer applied for the mining right after a right previously held by ArcelorMittal South Africa lapsed last year.Food retailers clearedJOHANNESBURG – South African food retailers have been cleared in a price-fixing probe launched by the country’s competition watchdog nearly two years ago. The commission had been investigating Pick n Pay, Shoprite, Massmart, Woolworths and Spar since June 2009. The antitrust concerns included that the chains fixed the price of food items and placed onerous demands on suppliers.Ghana inflation upACCRA – Ghana’s annualised producer price inflation rate rose to 17,98 per cent in December from 15,98 per cent the month before, the country’s statistics office said. The figure could portend an acceleration in the pace of consumer inflation for the month of January after 18 consecutive months of it falling or holding steady – a factor that could in turn lead the West African state’s central bank to keep its prime interest rate on hold, analysts said.