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The FNB/BER Consumer Confidence Index for South Africa edged down to -6 in the last quarter of 2024 from -5 in the third quarter which was the highest since the first half of 2019. Despite the decrease in consumer morale, festive season retail sales are still likely to be jolly. "A string of favorable developments has seen consumer confidence riding much higher since the second quarter of 2024, including the formation of a government of national unity, the termination of load-shedding, a substantial deceleration in inflation, two interest rate cuts and the implementation of the two-pot retirement system", said FNB Chief Economist Mamello Matikinca-Ngwenya.

South Africa Consumer Confidence Edges Down

The annual inflation rate in Armenia climbed to 1.4% in November 2024 from 0.6% in the previous month. This marked the highest inflation rate since July, as prices rebounded for food and non-alcoholic beverages (1.7% vs -0.5% in October). Additionally, prices accelerated for alcoholic beverages and tobacco (4.1% vs 3.9%) and health (2.5% vs 2.2%). Moreover, deflation eased for clothing and footwear (-2.5% vs -2.7%) and furnishings, household equipment and routine household maintenance (-2.7% vs -2.9%). Meanwhile, prices slipped for housing and utilities (-0.5% vs 0%) and remained unchanged for communication (0.4%), education (7.8%) and miscellaneous goods and services (-1.3%). At the same time, costs moderated for transport (5.7% vs 6.8%) and restaurants and hotels (1.7% vs 1.9%). On a monthly basis, consumer prices surged 1.3% in November, the most since January, from 0.3% in the previous month.

Armenia Inflation Rate Quickens to 4-Month High

The average real monthly wages in the Czech Republic rose by 4.6% year-on-year in the third quarter of 2024, more than market forecasts of a 4.3% rise and following a 3.9% growth in the previous three-month period. This also marked the third consecutive quarter of real wage increases. The average gross monthly nominal wage in the national economy was CZK 45,412, a 7% increase from the same period in 2023, and higher than the 6.5% rise seen in the prior quarter. Compared to the previous quarter, the seasonally adjusted average wages increased by 1.9%. In the Q1 through Q3 of 2024, the average wage reached CZK 45,107; in the year-on-year comparison, the increment was 6.9%.

Czech Republic Real Wages Rise More than Expected

Industrial production in Georgia increased by 11.7% year-on-year in the third quarter of 2024, easing from a one and a half-year high of 13.6% advance in the previous month. Output growth slowed for the manufacturing sector (12.6% vs 15.8% in Q2) and water supply, sewerage, waste management & remediation activities (12.7% vs 15.2%). Conversely, production rose for mining & quarrying (29.3% vs 25.3%), while electricity, gas, steam & air-conditioning supply declined less (-2.2% vs -3.3%). On a quarterly basis, industrial output was 9.2% higher than the preceding three-month period.

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