Absa PMI declines to 47.3 points in June, but price pressures may have peaked

Financial services firm Absa’s Purchasing Managers’ Index (PMI) declined from 50.8 in May to 47.3 index points in June. The sharp decline in the PMI’s purchasing price index by 13.5 points to 71.3 in June suggests that April and May may have marked the peak of price pressures, particularly given the fuel price reductions that came into effect on July 1, the bank says.

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