The rand was little changed against the dollar on Wednesday after the release of consumer inflation data that was in line with expectations. Statistics SA reported that annual consumer price index (CPI) was 4.6% in July, down from 5.1% in June. The CPI increased by 0.3% month on month in July. Most economists had expected CPI to ease on the back of lower food and transport costs. Stats SA showed that food inflation increased by 6.8% year on year while transport increased by 1%. Market activity has generally been subdued ahead of the Jackson Hole conference of central bankers in the US. The markets are waiting, especially, for pronouncements from the European Central Bank (ECB) president, Mario Draghi, and Federal Reserve chairperson, Janet Yellen. Investors look forward to getting more insight into the central bankers’ views on balance-sheet normalisation and the interest-rate trajectory. Sasfin analysts said expectations among emerging markets, such as SA, is that balance-sheet nor...
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