For Creamer Media in Johannesburg, I’m Halima Frost.

Making headlines: South Africa inflation jumps more than expected in June; Report says Godongwana set to remove PIC chair; And, Congo says nearly 1 000 die of Ebola

South Africa inflation jumps more than expected in June

South African inflation picked up more sharply than expected in June, bolstering expectations that the central bank will deliver a second consecutive interest rate hike tomorrow.

Annual headline consumer inflation accelerated to a two-year high of 5.0% in June from 4.5% in May, data from Statistics South Africa showed. Economists polled by Reuters had expected a reading of 4.7%.

The transport category was the largest contributor to the annual and monthly rises in the Consumer Price Index, as the Iran war sent fuel prices sharply higher.

Annual core inflation, which strips out volatile items like food and energy, came in at 4.1% in June, also above economists' forecast for a reading of 3.9%.

Report says Godongwana set to remove PIC chair

South Africa’s finance chief is preparing to oust his deputy from the position of chairman of the board of the Public Investment Corp, the State pension fund manager that’s been wracked by corruption and instability, according to news reports.

Finance Minister Enoch Godongwana called a general meeting of the PIC for July 27 at which the PIC’s non-executive directors and his deputy, David Masondo, would face a shareholder vote for removal, a news report said, citing a notice issued by the minister. The PIC is 100% State-owned and Godongwana acts as the government’s shareholder representative.

The removal of Masondo would be unprecedented in the history of the PIC. South African law requires the board be chaired by a deputy minister within the so-called economic cluster of ministries, which include finance, trade and mineral resources.

Godongwana’s plans come a week after Masondo suspended the fund’s chief executive officer over alleged governance issues. The PIC is Africa’s largest pension fund, with about R3.6-trillion under management.

And, Congo says nearly 1 000 die of Ebola

The number of confirmed Ebola cases in the Democratic Republic of Congo has increased to 2 473, including 999 deaths, government data showed.

The country's public health institute said in its latest report that 50 new cases were detected on Monday in the eastern provinces of Ituri and North Kivu.

That’s a roundup of news making headlines today

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