South Africa’s headline consumer price index (CPI) annual inflation rate dropped 0.9 percent to reach 4.4 percent in January, Statistics SA said on Wednesday, as the country continues to benefit from lower fuel prices. The lower inflation outlook together with the weak growth outlook, should persuade the Monetary Policy Committee to keep interest rates unchanged at its upcoming meeting in March.
Globally, all eyes have been on Greece as the country requested an extension on its loan programme. Germany has rejected the loan request as a German finance ministry spokesperson said the new plea was "not a substantial proposal for a solution". This uncertainty in the Eurozone has reflected in stock markets worldwide. The accusations form an ominous backdrop for a meeting of Eurozone ministers today in Brussels that could either provide a reprieve for Greece or push the country closer to the brink of leaving the bloc.
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