Treasury on impact of rebasing and re-weighting of CPI on inflation-linked government bonds
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 Government’s Inflation-Linked Bonds.
On 19 February 2025, Statistics South Africa provided the historical data of the rebased CPI (with Dec 2024 = 100) from December 2024 backward.
The National Treasury has replaced the existing index data for calculation purposes with the new rebased data until December 2024, and further with the new rebased and re-weighed CPI from January 2025.
Calculated on the original respective issue dates, the new base inflation indices are as follows (15 digits apply):
- R210 – 39.1861841381111
- I2029 – 67.3137857673794
- I2031 – 92.3227103072067
- I2033 – 63.1499539682726
- R202 – 33.7203449020014
- I2038 – 53.8350297509551
- I2043 – 94.5104794717201
- I2046 – 57.1185870968389
- I2050 – 53.8845872597342
- I2058 – 94.5104794717201
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.
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