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Breakfast Report - 21 November 2022
- Consumer prices increased by 21.09% y/y in October, rising 32bps from the previous month (20.77% y/y). The increase was less-than-anticipated due to the soothing relief of the harvest season. For context, inflation trended downwards on a month-on-month basis to 1.24% m/m (Sept’22: 1.36% m/m), its lowest outturn since November 2021, driven by the ongoing harvest season. We find it instructive that the nationwide floods had a muted impact on inflation, as food inflation trended downwards. This connotes that inflation could peak soon. Nevertheless, we see room for higher inflation numbers in the month of November.
- Equity: After several sessions of fluctuating activity last week, positive sentiment ultimately prevailed in the market for a positive close. This week, we anticipate a slightly bearish start, as investors take profit on some of last week’s gainers.
- Fixed Income: In the bonds market, we anticipate a quiet start to this week, as investors await the MPC decision tomorrow. Meanwhile, constrained liquidity levels could drive bearish activity in the T-Bills space.
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