SARB Could Cut As Early As December

South African consumer price growth, at 12.4% y-o-y in October, has come in slightly below our - and consensus - expectations. Although not a major shock, we believe that the downward trajectory of price growth raises the chances significantly of the South African Reserve Bank (SARB) cutting its Repo rate at its next meeting in December 2008, earlier than the Q209 timeframe we had previously envisaged.

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