Consumer Watch – April 2019

April saw a few key indicators turn for the better. The value of building plans passed in March increased by 1.8% y/y following several months of decline. Private sector credit extension remained steady in March, 10bps ahead of February growth. On the negative side, March CPI inflation increased 40bps while PPI jumped 150bps. Vehicle sales remain under significant pressure posting a y/y decline in March. ABSA PMI shed a further -1.2 points in March. Business and consumer confidence declined to 91.8 and 2 points respectively. The Rand closed the month of April -12.8% weaker on a y/y basis and 1.33% stronger m/m.