South African bonds were slightly firmer on Thursday morning after data released on Wednesday showed consumer inflation accelerated slightly, in line with market expectations. Statistics SA reported on Wednesday that the consumer price index (CPI) increased to 5.4% in May from 5.3% in April. NKC African economists said inflation was likely to moderate towards the end of the year, supported by low domestic demand and a resilient rand. NKC forecasts headline CPI to decline to about 4.6% in July, while Rand Merchant Bank expects it to slow to 5%. At 9.01am the R186 was bid at 8.55% from Wednesday’s 8.57% and the R207 at 7.48% from 7.50%.
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