JOHANNESBURG, April 19 (Reuters) - The South African
rand was steady in early trade on Wednesday, ahead of consumer
inflation and retail sales figures due later in the day.
At 0555 GMT, the rand traded at 18.1800 against the dollar , not far from its closing level of 18.1650 on Tuesday.
Statistics South Africa (Stats SA) will publish the March
consumer price index (CPI) at 0800 GMT, with analysts polled by
Reuters predicting inflation will ease slightly to 6.9% in
annual terms from 7.0% in February.
Inflation numbers are closely watched for their implications
for the South African Reserve Bank's monetary policy.
The central bank has raised interest rates nine times in a
row since November 2021 in a bid to tame inflation, with last
month's hike a bigger-than-expected 50 basis points.
Stats SA will release February retail sales at
1100 GMT, with a 0.3% annual contraction forecast after a 0.8%
decline in January.
Consumer spending in South Africa has been constrained by
stubborn price pressures and the worst power cuts on record.
The central bank and the International Monetary Fund predict
the economy will barely grow in 2023.
(Reporting by Alexander Winning; Editing by Sonia Cheema)
