June news flows were broadly negative with a reported -3.2% q/q contraction in 1Q19 GDP. Further contractions were reported in May as the ABSA PMI and (SACCI) Business Confidence to 45.4 points and 93.0 points respectively. CPI inflation remained steady, increasing by 10bps to 4.5% while PPI inflation remained high at 6.4%. May vehicle sales remained under pressure and declined -5.8% y/y. Fuel prices will decline by -95c/litre and -75c/litre in July, respectively for petrol and diesel, to R15.17/litre and R13.92/litre. The Rand closed the month of May at R14.09 to the US Dollar, -2.6% weaker on a y/y basis.
