The April 2023 edition of "The Bright Side" - a monthly report on the good news in the South African economy - highlighted several positive economic developments.
Firstly, the producer price index (PPI) kept declining to below 11%, expected to hit single-digit territory within the next month or two. This decline in the PPI may lead to a reduction in consumer prices and an end to the Reserve Bank's hawkish monetary policy stance.
Secondly, there was a drop in the price of oil, which may translate into lower petrol and diesel prices for the country.
Thirdly, the trade balance improved due to another record export performance in March, almost wiping out the cumulative trade deficit for the first quarter of the year.
Lastly, during the first two months of 2023, South African consumers managed to maintain their spending at retail outlets at the same level as last year.
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