Indicators released in February were broadly negative. Vehicle sales fell by -4.5% y-y in January while the ABSA PMI slumped in January to 45.2 points. During the same month, CPI and PPI inflation saw an uptick to 4.5% and 4.6% y-y respectively. The value of building plans approved declined by -16.7% y-y in December, however, an even worse decline of -44.2% was reported for the value residential building plans approved. Fuel prices relief is expected for March. The rand sunk under the weight of the COVID-19’s global impact, losing -10.2% (y-y) of its value to the USD at the end of February.
