MARKET WRAP: JSE and rand weaker as investors digest inflation lurch

The JSE and rand were weaker on Wednesday, as investors digested higher-than-expected local inflation data.

Data from Stats SA showed consumer price index (CPI) accelerated at a rate of 7.4% in June from 6.5% in May, well above the upper band of the Reserve Bank’s inflation targeting range of 3%-6%. This is the highest rate since May 2009, when inflation reached 8%. The number is also above economists’ expectations of 7.2%…