Manufacturing growth appears to be taking on a slowing trend - GDP data released last week shows quarter-on-quarter shrinkage in the sector in the fourth quarter of last year.

Macro reforms have become entrenched and made it cheaper and easier to run a business, and are no longer questioned.

The price index has risen in tandem with the higher activity, which suggests that producer prices will continue to rise in the coming months.

The stronger rand and a slow start to the year are likely to be the biggest drivers of slower growth in January.

The index remains below 50, so employment in manufacturing is still shrinking, but at a slower rate than in February.

With maize futures prices up substantially since last March, we should be seeing the pass-through in Wednesday's data.

With private-sector credit extension running well ahead of expectation, the consumer is clearly still being supported by high leverage.