The much anticipated April CPIX rose 8.5% after climbing by a restated 9.3% in March. The index was revised lower by some 1.9% after the discovery of an overstatement of rentals in the calculation.

The bond market has reacted very positively to the figures, whilst the rand has quickly moved to 8.20 from 7.91 earlier this morning.

It is now almost certain that there will be a rate cut in June.

Regards