macroafricaintel Daily Brief | 18 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares erase gains after weak China GDP, pound pulls back
  • MSCI Asia ex-Japan turns lower, -0.17%
  • China GDP grows 6.0% in third quarter, 3-decade low
  • Nikkei trims gains, up 0.18%
  • Sterling gives back gains after Brexit deal rally

Oil Markets

  • Oil prices steady, all eyes on data seen showing China GDP growth slowdown
  • US crude stocks rose by 9.3 mln bbls last week – EIA
  • Brent down 0.2% at $59.82 a barrel (0039GMT)
  • WTI up 0.1% at $53.97

Precious metals

  • Gold steady as Brexit deal lifts stocks, pressures dollar
  • Spot gold unchanged at $1,491.62/oz. (0057GMT)
  • US gold futures down 0.2% at $1,495.40/oz.

Grains

  • Wheat edges higher, set to finish the week up more than 3%
  • Wheat futures down 0.1% at $5.24-3/4 per bushel (0036GMT)
  • Corn futures up 0.1% at $3.95 per bushel
  • Soy futures up 0.2% at $9.33-1/2 per bushel
  • Rice futures unchanged at $11.99 per hundredweight

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • Preliminary results of Mozambique elections expected
  • World Bank/IMF meetings in Washington D.C.; 15-10 Oct. [Link to schedule: https://meetings.imf.org/en/2019/Annual/Schedule]
  • South Africa’s Eskom stage 1 rotational loadshedding continues
  • South Africa’s Ramaphosa in KZN to launch district development model & projects

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • South Africa’s power cuts expected to end Friday as generators return online
  • Appointment of new Eskom CEO expected before end-October – acting CEO
  • Egypt to press ahead with sale of stakes in state companies – govt adviser
  • Desperate African refugees pay to get into Libyan jails – UNHCR
  • Gunmen raid cafes in Libya capital to curb social freedoms
  • EU criticizes ‘unlevel playing field’ in Mozambique election
  • Morocco’s BCP Bank buys 71% stake in Madagascars’ BMOI
  • Africa Oil – Angolan sells for cheap, held back for domestic refineries
  • South Africa’s rand firms as cabinet approves power plan
  • Libya estimates 2020 budget at less than $34 bln – GNA economy ministry
  • Angola hopes key reforms will aid efforts to sell oil assets
  • Burundi arrests dozens in currency market crackdown
  • Guinea bauxite operations back to normal after political protests
  • Ethiopia crash victims’ families to subpoena US operators of Boeing 737 MAX
  • African refugee women report surge of sex attacks in Egypt
  • Morocco govt expects growth to improve to 3.7% in 2020 – govt spokesman
  • Zimbabwe cancels deal with Transnet to recapitalise state rail firm
  • Africa FX – Ugandan shilling seen firmer, Tanzania’s to soften
  • Despite Tunisia’s vote of change, enduring miseries drive youth exodus
  • Barrick misses quarterly gold output estimates on Tanzanai curbs
  • Kenya’s president refuses to sign the budget over rate cap
  • Eyeing economic growth, South Africa seeks to renegotiate old renewables projects
  • South Africa’s cabinet approves power plan
  • South African mid-term budget may come a day early – finmin
  • Shell aims to operate Egypt concessions in H2, 2020
  • Zimbabwe cancels deal with Transnet JV to recapitalise state rail firm
  • South Africa’s Eskom forced to cut power for a second day
  • South Africa’s rand slides further as blackouts return

N.B. Full stories of above headlines are available on Reuters

Hofstede’s Culture’s Consequences: A review in the Nigerian context (1)

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

The purpose of Geert Hofstede’s Culture’s Consequences: Comparing Values, Behaviours, Institutions and Organisations Across Nations is an ideal starting point. “A better understanding of invisible cultural differences is one of the main contributions the social sciences can make to practical policy makers in governments, organisations, and institutions – and to ordinary citizens.” I extract some of the expositions in the book to highlight certain cultural practices and behaviours in Nigeria, which to the ignorant, are accepted as “wisdoms.” Unfortunately, a lot of those who eventually see the “light” – many do not, only realise the false or flawed logic behind these “wisdoms” when they are aged, too late of course, sapped of strength, with little or no initiative left for enterprise. But for these suboptimal norms, we would probably be a nation of groundbreaking innovators and entrepreneurs of global reckoning. Yes, we do have some of those. But where are they? Most are in saner climes.

Shame vs guilt
Nigeria has unity in many spheres than most people realise. We have a commonality in at least one instance: all our ethnic groups have shame cultures. Ever wonder why most Nigerians make decisions around the frame of reference of “what will people say?” Shame cultures do not engender innovation. Shame cultures are collectivist while guilt cultures are individualist. Most of today’s advanced economies have individualist cultures while some of the poorest economies are collectivist. The motivation to do what is right in guilt cultures is intrinsic while that for shame cultures is extrinsic. I quote from several parts of the relevant sections of Hofstede’s book to establish the theory.

“US anthropologist Ruth Benedict (1946/1974) stressed the distinction between cultures that rely heavily on shame and those that rely heavily on guilt…True shame cultures rely on external sanctions for good behaviour, not, as true guilt cultures do, on an internalized conviction of sin. Shame requires an audience or at least a man’s fantasy of an audience. Guilt does not. In a nation where honor means living up to one’s own picture of oneself, a man may suffer from guilt though no man knows of his misdeed”

“The child in a collectivist society is seldom alone, either during the day or at night. In an individualist society, such a lack of privacy would be highly abnormal. In most collectivist cultures, direct confrontation of another person is considered rude and undesirable. The word “no” is seldom used because saying no is a confrontation. In individualist cultures, on the other hand, speaking one’s mind is a virtue. Telling the truth about how one feels is seen as a sincere and honest person. Confrontation can be salutary; a clash of opinions is believed to lead to a higher truth.”

“A child who repeatedly voices opinions that deviate from what is collectively felt is considered to have a bad character. In the individualist family, in contrast, children are expected and encouraged to develop opinions of their own, and a child who always only reflects the opinions of others is considered to have a weak character. Family life in collectivist societies can be oppressive and stultifying, with no escape for those suffering abuse, especially girls. Members of the collectivist family are partially kept in order by the threat of shame.”

“A child in individualist society who infringes upon a rule learns to feel guilty, ridden by an individually developed conscience that functions as a private inner pilot. Collectivist societies, in contrast, are shame cultures: Not only the culprit him- or herself but also his or her in-group mates are made to feel ashamed when a misdeed is committed. Shame is social in nature, whereas guilt is individual: whether a person feels shame or not depends on whether the infringement has become known by others. This becoming known is the source of the shame, more so than the infringement itself.”

Be your own audience
To feel shame requires that your actions and thinking are against the background of an audience; real or imagined. If your sense of purpose is otherwise, based on something genuine, like your own satisfaction, shame is an emotion you cannot feel; that is, with respect to failure, etc. Incidentally, it is also those with such emotional resilience and grit that succeed in our shame-based climes.

The reason most of our compatriots do not hesitate to roll up their sleeves when abroad is because suddenly there is no audience to impress or be wary of. It is shame that stops a lot of ideally industrious young Nigerians from letting go of their false pride and getting down to work. The fear of standing out also prevents a lot of young Nigerians from pulling above their weight. The consequence is that the poor remain poor and the wealthy remain wealthy or wealthier. For instance, the rich send their wards to “international schools” and thereafter abroad for further studies. Add to that some work experience in the “temperates”, they become well-placed to maintain the lofty positions of their parents.

Ever notice how the rich are stern with the children of the poor when they violate a cultural norm and laugh off the same “infractions” by their own kids? Much of what we call culture are mechanisms for discrimination and exclusion. Take another issue: corruption. It is retractable because our cultures tolerate some level of corruption. There are proverbs in our various languages with meanings like “live and let live”, “it is where we work we will eat from”, etc. Corruption is not considered a shameful act in most Nigerian cultures. Who are largely the practitioners and major beneficiaries of corruption in Nigeria? The rich. It is a vicious cycle.

e go learn” & “o ma gbon” fallacies
You would hear custodians of these shame cultures make remarks like “e go learn”, “o ma gbon”, etc. (They mean “he will learn”, “he will become wise”.) In the Yoruba culture (I am Yoruba), for instance, early marriage is encouraged, living by yourself (“on dagbe”) is discouraged, and so on. They are not the “wisdoms” they are oft-presented as. These are norms, that put together with others, ensure the tribe’s cultural institutions of rewards and sanctions, function effectively. They hinder social mobility. Put another way, they engender social statism. If you are not well-to-do and you marry early, with responsibilities hitting you right, left and centre, you cannot garner enough savings in time to change your circumstances for the better. With little or no privacy, being perennially in the company of others from birth, there is little chance of the kind of introspection and contemplation required to better your lot.

So when you hear these culture custodians make such remarks like “e go learn”, “a ma ko”, “o ma gbon”, etc., what they really mean, logically at least, is that you would learn to be mediocre, you would acculturate to aim low. Put simply, you will learn to know your place. From the slave trade, our forever potholed roads, power blackouts on end, to the continued pilferage of our commonwealth by the elite with impunity, the “e go learn”, “a ma ko”, “o ma gbon” pseudo-sages have little to show for their self-acclaimed wisdom. They do know one thing, though. Those who refuse to “gbon” (learn), the mavericks, the sometimes “olori olowos” are precisely destined as such because of their consistent defiance of convention. Flawed conservatism is not wisdom. Needless to say, our culture is holding us back.

macroafricaintel Daily Brief | 17 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares pause after 5-day rally, Brexit in focus
  • US retail sales fall for first time in 7 months
  • Upbeat US earnings cushion blow from data
  • Sterling volatile as Brexit talks continue

Oil Markets

  • Oil prices fall as data points to huge build in US stocks
  • US crude stocks rose 10.5 mln bbls in week in Oct. 11 – API
  • Analysts had estimated increase would be 2.8 mln bbls
  • Brent down 0.7% at $59.02 a barrel (0110GMT)
  • WTI down 0.9% at $52.90

Precious metals

  • Gold steady as disappointing US retail sales weigh on risk appetite
  • Spot gold up 0.1% at $1,490.37/oz. (0044GMT)
  • US gold futures up 0.1% at $1,495.60/oz.

Grains

  • Soybeans firm after 2 days of falls, eyes on US-China
  • Wheat futures up 0.4% at $5.15-1/2 per bushel (0102GMT)
  • Corn futures up 0.1% at $3.92 per bushel
  • Soy futures up 0.1% at $9.28-3/4 per bushel
  • Rice futures unchanged at $11.98 per hundredweight

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • Preliminary results of Mozambique elections expected
  • World Bank/IMF meetings in Washington D.C.; 15-10 Oct. [Link to schedule: https://meetings.imf.org/en/2019/Annual/Schedule]
  • South Africa’s Eskom rotational loadshedding; day 2
  • By-elections in some Kenya county assembly wards
  • South Africa’s Ramaphosa in KZN to launch district development model & projects
  • South Africa state capture inquiry continues

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Libyan govt raises commercial price for kerosene as first step in reforms
  • Guinea govt confirms 9 people killed in political protests this week
  • Sudan – Key rebel group halts direct peace talks with Khartoum
  • Morocco king pardons journalist in abortion case
  • Nigeria govt can’t recover $62 bln sought from oil majors – minister
  • Police free hundreds of males, some chained and beaten, from Nigerian school in third raid this month
  • South Africa’s rand rattled by power cuts, stocks led higher by Sibanye
  • Africa Oil – Angolan exports set to rise, freight pain eases
  • Kenya opens $1.5 bln Chinese-built railway linking Rift Valley town and Nairobi
  • World Bank court orders Tanzania pay $185 mln to Standard Chartered
  • South Africa’s latest power cuts highlight Eskom challenge
  • South Africa’s retail sales up 1.1% y/y in August
  • Zimbabwe bread price jumps 60%, but shortages persist
  • National Express to double Morocco presence with Casablanca bust contract
  • South Africa’s Eskom says power cuts likely on Wednesday

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 16 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asian shares tick up, sterling off 5-mth peak as crunch Brexit talks eyed
  • MSCI ex-Japan, Nikkei jump on positive Brexit news
  • Sterling slips after hitting 5-mth peak
  • EU to determine whether to put deal before EU leaders’ summit

Oil Markets

  • Oil prices edge higher on potential Brexit deal; OPEC signals of possible cuts
  • OPEC, allies to seek market stability beyond 2020
  • Brent up about 0.2% at $58.85 per barrel (0103GMT)
  • WTI up 0.2% at $52.91

Precious metals

  • Gold edges higher as Brexit uncertainty spurs safe-haven bid
  • Spot gold up 0.2% at $1,484.49/oz. (0130GMT)
  • US gold futures up 0.3% at $1,488.10/oz.

Grains

  • Corn edges lower but USDA harvest report caps losses
  • Wheat futures down 0.2% at $5.06 per bushel (0008GMT)
  • Corn futures down 0.6% at $3.91 per bushel
  • Soy futures down 0.1% at $9.32-3/4 per bushel
  • Rice futures nearly unchanged at $11.88 per hundredweight

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • Kenya’s Kenyatta to commission SGR phase 2A line & groundbreaking of Naivasha depot
  • Nigeria labour unions’ minimum wage negotiations with govt continue
  • Mozambique polls closed; vote counting ongoing, preliminary results on Thursday
  • South Africa retail sales Aug-19 [fcst. 1.1% yy, prev. 2.0%]
  • South Africa state capture inquiry resumes
  • Kenya’s ruling Jubilee party to meet members of Nairobi County Assembly over wrangling with Governor Sonko

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Nigerian president vows crackdown on abusive Islamic schools after second raid
  • Nigeria’s land borders closed to all goods – customs chief
  • Ethiopia postpones autonomy referendum for ethnic Sidama – Fana news agency
  • Algeria court places journalist in custody
  • Mozambique president urges peace, opposition warns against fraud as votes counted
  • Young Africans face poor job prospects as education deteriorates – report
  • Africa Oil – Diffs continue to fall, Angola programme awaited
  • IMF cuts Kenya’s economic growth forecast for 2019 and 2020
  • South Africa’s rand steadies, Sasol leads stocks higher
  • IMF expects Egypt economy to grow 5.9% in year to end of June
  • Former Ivory Coast rebel leader Soro to run for president
  • 4 bodies pulled from Congo plane crash wreckage
  • Hundreds fled abusive Nigerian “school” before police raid
  • Nigeria inflation rises to 11.24% in September from near 4-yr low
  • Zimbabwe state employees say they cannot work as prices soar
  • 4 bodies found in Congo after crash of plane with president’s staff
  • South Africa’s Zuma to appeal decision he must face graft charges
  • Kenya shilling strengthens against the dollar
  • Kenya central bank to hold next rate-setting meeting on Nov. 25
  • Uganda shilling a touch stronger as liquidity mop-up helps
  • OPEC, allies to maintain oil market stability beyond 2020 – Barkindo
  • Takeda sells Mideast, Africa drug portfolio to Switzerland’s Acino
  • Mubadala sells Medgaz pipeline stake to Naturgy, Algeria’s Sonatrach
  • World Bank sees Egypt economy growing 5.8% in 2019/20
  • African masts operator Helios Towers prices IPO at low end of range

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 15 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Stocks rise on cautious Brexit deal hopes, oil extends losses
  • Equities eke out gains
  • Sentiment still fragile due to US-China trade war
  • Policymakers struggle to reduce risks to global economy

Oil Markets

  • Oil prices extend losses as weak China data compounds US-China trade deal doubts
  • Brent down 0.5% at $59.1 per barrel (0142GMT)
  • WTI down 0.4% at $53.38

Precious metals

  • Gold steady ahead of crucial Brexit talks
  • Spot gold flat at $1,492.83/oz. (0105GMT)
  • US gold futures a shade lower at $1,496.90

Grains

  • Soybeans slip; potential crop loss in North America caps fall
  • Wheat futures down 0.4% at $5.08-3/4 per bushel (0004GMT)
  • Corn futures down 0.2% at $3.97 per bushel
  • Soy futures down 0.3% at $9.37-1/2 per bushel
  • Rice futures unchanged at $11.99 per hundredweight

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • Mozambique general elections today
  • Nigeria inflation Sep-19 [fcst. 11.1% yy, prev. 11.0%]

Key African events or data releases yesterday & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Mozambique to vote in tense, high-stakes election
  • Nigeria police rescue 67 from “inhuman” conditions at Islamic “school”
  • Young Africans facing poor job prospects as education worsens – report
  • Air strike in Libyan capital Tripoli kills 3 young sisters
  • Hailing “new revolution”, political outsider Saied elected Tunisia’s president
  • At least 2 dead in Guinea protests against change to constitution
  • Official results show Kais Saied won Tunisian presidential election
  • South Africa’s rand retreats from 3-wk high, stocks down
  • At least 16 people killed by armed men in Ethiopia – police
  • Angola could revoke more licences in bank cleanup – Cenbank chief
  • New Tunisian leader rode wave of youth excitement to presidency
  • Africa Oil – Freight throttles market as buyers hold back
  • Zimbabwe aims to more than triple diamond production by 2023
  • Police in Guinea crack down on protest against constitutional change
  • Zimbabwe targets 11 million carats of diamonds by 2023 – mines minister
  • Tunisia’s Nabil Karoui concedes election defeat to Kais Saied
  • Sudan govt and rebels meet for peace talks in Juba
  • Libyan conflict leaves rubbish mounds smouldering in Tripoli’s streets
  • Secret abortions spike in Nigeria with Boko Haram chaos
  • French national killed in Tunisia knife attack – interior ministry
  • Saied supporters hail revival of Tunisia’s 2011 revolution after poll
  • South African Airways in talks with potential partners
  • Uganda shilling weakens on uptick in dollar appetite
  • South Africa’s Ramaphosa says nation working to attract private investment
  • EDF Renewables commissions 130MWp in solar energy capacity in Egypt

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Daily Brief | 14 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Global Markets

  • Asia relieved at latest trade truce, China data disappoints
  • Nikkei futures rise, trade thin with Tokyo on holiday
  • Shares up on relief at Sino-US trade progress
  • But caution as China export, import data disappoint
  • Sterling rally pauses as EU summit looms over Brexit

Oil Markets

  • Oil prices edge up, supported by Iran ship attack, US-China trade détente
  • Prices rise 2% on Friday after Iran tanker attack
  • Traders eye US-China pact, details of phase 1 agreement
  • Brent up 9 cents at $60.60 a barrel (0008GMT)
  • WTI up 9 cents at $54.79

Precious metals

  • Gold slips as renewed trade optimism lifts risk appetite
  • Spot gold down 0.3% at $1,485.56/oz. (0036GMT)
  • US gold futures up 0.1% at $1,489.90/oz.

Grains

  • Soybeans climb to 16-mth high on US-China trade optimism
  • Wheat futures up 0.6% at $5.11 per bushel (0058GMT)
  • Corn futures up 0.7% at $4.00-1/2 per bushel
  • Soy futures up 0.9% at $9.44-3/4 per bushel
  • Rice futures down 0.2% at $12.04 per hundredweight

Key African events or data releases today
[Posts & comments at my Twitter handle @DrRafiqRaji]

  • South Africa’s Ramaphosa to deliver keynote opening speech at FT Africa summit in London
  • Nigeria inflation Sep-19 [fcst. 11.1% yy, prev. 11.0%]
  • South Africa’s Zuma graft trial tomorrow; 15 Oct

Key African events or data releases over the weekend & early a.m today
[Posted & commented on some headlines below at my Twitter handle @DrRafiqRaji]

  • Supporters of Tunisia’s Saied celebrate his projected presidential win
  • Algeria plans wealth, property tax for first time
  • Second exit poll gives Kais Saied landslide win in Tunisian election
  • Hundreds of Algerians protest against proposed energy law
  • Voting ends in Tunisian presidential election runoff
  • Mortar bombs strike Somalia’s Mogadishu airport, 6 injured – source
  • Soccer – Neymar injured as Brazil draw 1-1 with Nigeria in friendly
  • Leaders of Egypt and Ethiopia to meet on Nile dam standoff – Sisi
  • Congo to start using J&J ebola vaccine in November
  • Egypt cuts stocks exchange fees in bid to boost investments
  • Foreign election monitors concerned by detention of Tunisian candidate
  • At least 10 Kenyan police killed by bomb near Somali border – police
  • A son and father reunited, like many under Nobel winner Abiy’s Ethiopia-Eritrea peace deal
  • Gunmen kill about 15 people in attack on Burkina Faso mosque
  • Zimbabwe court rules doctors strike illegal, should return to work
  • Guinea’s Nimba iron ore project gets green light to export via Liberia
  • Cargo plane crashes in Congo with presidential staff on board
  • Burkinabes flee their homes en masse as violence spirals – UN
  • Morocco’s BCP bank buys Congo’s BCI bank
  • South Africa’s rand races to 3-wk high on easing trade war, Brexit tensions
  • Moroccan king urges more loans for graduates and entrepreneurs
  • Africa Oil – Nigerian crude diffs crash as freight rates bite
  • Gabon’s GDP growth to rise to 3.4% this year – IMF
  • Go home, Tanzanian president tells Burundian refugees
  • Nigerian president calls for stricter laws on sex abuse
  • Mozambique’s elections to test fragile peace
  • Nigeria looks to sign military cooperation deal with Russia this month
  • US imposes sanctions on 2 South Sudanese businessmen for fraud, bribery
  • Algeria’s protesters march against ruling elite as elections approach
  • Ethiopia’s Abiy wins Nobel Peace Prize for resolving conflict with Eritrea
  • Lawyer for imprisoned Tanzanian journalist seeks plea bargain
  • Ivory Coast cocoa grind up 8.3% to end-September – exporter stats
  • Uber launches boat service in Nigeria’s megacity Lagos
  • Uganda shilling weakens as rate cut spurs banks to beef up positions
  • South Africa’s Zuma to face corruption trial
  • Ethiopian PM ‘humbled, thrilled’ with Nobel Peace Prize
  • Starkly different candidates vie for Tunisia’s presidency
  • Eni plans to quadruple gasoline output at Angolan refinery by 2021
  • Ethiopia Nobel Peace Prize winner ruffles feathers at home
  • Ethiopia “proud as a nation” over Nobel Peace Prize – PM Abiy’s office
  • Vast Resources to sign diamonds joint venture deal in Zimbabwe
  • Nigeria’s state oil company signs $2.5 bln pre-payment deal for gas projects
  • South African arms company Denel winds up Aerostructures
  • South Africa’s Zuma to face corruption trial after court denies stay of prosecution
  • South Africa’s Eskom challenges latest power tariff decision in court
  • Hopes around US-China trade talks bolster South African rand
  • Kenya farmers snap crops with phones to improve insurance payouts
  • Conflicting signals over Royal Air Maroc 737 MAX plans

N.B. Full stories of above headlines are available on Reuters

macroafricaintel Weekly | 14 Oct

By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Click here for PDF version

Date Data / Event Period Forecast Previous
16 Oct South Africa Retail Sales, % yy Aug 2019 1.1 2.0
Botswana CPI, % yy (mm) Sep 2019 3.0 (0.2) 2.9 (0.1)
Namibia CPI, % yy (mm) Sep 2019 3.1 (0.1) 3.7 (0.1)
Nigeria CPI, % yy (mm) Sep 2019 11.1 (0.9) 11.0 (1.0)
South Africa CPI, % yy (mm) Sep 2019 4.1 (0.3) 4.3 (0.3)