Monthly Market Highlights – January 2024
The South African Reserve Bank kept interest rates unchanged for the fourth consecutive meeting of its Monetary Policy Committee, mirroring similar decisions made by the US Federal Reserve, European Central Bank, People’s Bank of China, and the Bank of Japan. SA’s inflation rate declined to 5.1% in December from 5.5% in November, slightly below market expectations, which will influence the direction of interest rates. However, in the US and UK inflation increased to 3.4% and 4% respectively in December.
In 2023, China’s economy experienced its weakest year since 1990, excluding the pandemic-impacted years. Slowing growth reflected a severe property crisis, sluggish consumer spending, global uncertainties and record youth unemployment rates.
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