Monthly Market Highlights – April 2024

For the first time this year, South Africa’s March Consumer Price Inflation (CPI) slowed down. It dropped to 5.3% y/y from February’s 5.6%, below some economists’ expectations. Meanwhile, the UK reported a decline in inflation to 3.2% y/y in March from 3.4% in February, slightly surpassing economists’ forecasts of 3.1%. According to the Office for National Statistics, food prices were the primary contributor to this decline.

Trends in the US presented a contrast: CPI accelerated unexpectedly in March, leading to a higher inflation rate, and dimming prospects for imminent interest rate cuts by the Federal Reserve. CPI in the US rose from 3.2% y/y in February to 3.5% y/y in March.

The International Monetary Fund (IMF) has marginally increased its 2024 global growth projection to 3.2%, noting unexpected resilience despite inflationary pressures and changes in monetary policy. Growth forecasts for 2025 remain unchanged at 3.2%, with expectations of a “soft landing” for the global economy.

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