and re-weighting of the Consumer Price Index (CPI) as announced by Statistics
South Africa
20 March 2009
The National Treasury has assessed the impact of rebasing and re-weighting
the CPI, and the changes that will need to be made to the governmentâs
inflation-linked bonds.
From January 2009, the new headline CPI all urban areas (primary and
secondary) will replace the old CPI, all items for metropolitan areas. The
terms and conditions of the government inflation linked debt will therefore be
amended to reflect the relevant changes.
Statistics South Africa is to provide historic data of the rebased CPI (with
2008 = 100) from December 2008 backwards. The National Treasury will thus also
replace existing index data for calculation purposes with the new rebased data
until December 2008, and further with the new rebased and re-weighed CPI from
January 2009.
For the calculation of the month-on-month adjustment for inflation purposes,
the index number for the (new) CPI all urban areas for January 2009 over the
(old) CPI all items for metropolitan areas for December 2008 will apply.
Calculated on the original respective issue dates, the new base inflation
indices are as follows (15 digits apply):
* R189-59,8024193548387
* R197-65,0504032258064
* R202- 76,8225806451613
* R210- 89,2750000000000
These base indices are calculated in such a way that the capital value of
the bonds is the same before and after the indices were rebased.
Enquiries:
Thoraya Pandy
Tel: 012 315 5944
Cell: 082 416 8416
Issued by: National Treasury
20 March 2009
