Household Credit Balance Growth Slows; Consumer Price Inflation Is Forecast to Rise to above 6 Percent

Cape Times (South Africa), March 31, 2015 | Go to article overview

Household Credit Balance Growth Slows; Consumer Price Inflation Is Forecast to Rise to above 6 Percent


BYLINE: Wiseman Khuzwayo

GROWTH in the total value of outstanding credit balances in the South African household sector slowed down to an annual 3.3 percent last month, its lowest level since January 2010.

According to the broadly defined M3 measure of money released by the Reserve Bank yesterday, growth in private sector credit extension, the largest component of money supply, moderated to an annual 8.7 percent from 9.2 percent.

Growth in credit extended to companies slowed to 13.6 percent from 14.3 percent. Growth in outstanding household mortgage balances was unchanged at 2.2 percent year on year.

Other loans and advances made to companies was 12.3 percent from 12.8 percent in January.

Jacques du Toit, a property analyst at Absa Home Loans, said factors related to the economy and household finances impacting on consumer confidence would continue to drive the demand for and the accessibility and cost of mortgage finance and household credit in general.

"These factors include aspects such as economic growth, employment, interest rates, income growth, savings, consumer credit-risk profiles and banks' risk appetite and lending criteria. …

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Household Credit Balance Growth Slows; Consumer Price Inflation Is Forecast to Rise to above 6 Percent
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