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S. Africa Misses Target in CPI-Linked Bond Sale for Second Week

South Africa failed to reach its target at a sale of inflation-linked bonds for the second week as consumer-price increases probably remained below the central bank’s 6 percent limit last month.

The National Treasury sold 210 million rand ($24 million) of CPI-linked securities maturing in 2050 and 2025 and accepted no bids for notes maturing in 2038, according to the Pretoria-based Reserve Bank. The Treasury offered 800 million rand of the debt at its weekly auction.

The consumer inflation rate probably quickened to 5.7 percent in December, from 5.6 percent the previous month, data on Jan. 22 will show, according to the median estimate of nine economists in a Bloomberg survey. Inflation will probably peak at 5.7 percent in the first quarter and average 5 percent in 2014, Reserve Bank Governor Gill Marcus said on Nov. 22, when she left the benchmark repurchase rate unchanged at 5 percent.

“We expect inflation to remain reasonably contained in 2013,” Elna Moolman, a Johannesburg-based economist at Renaissance Capital, said in an e-mailed note today. “A temporary piercing of the target ceiling is possible towards mid-2013.”

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