I know one swallow does not make a summer, but the inflation data and credit extension figures are signs that we may have bottomed out on this cycle.
South Africa's targeted CPIX (consumer inflation less mortgage costs) slowed for the first time in a year to 13% year-on-year in September from 13,6% in August, below forecasts, official data showed on Wednesday.

Statistics South Africa said the all-items consumer price index (CPI) increased by an annual rate of 13,1%, compared with 13,7% in August.

On a monthly basis, CPIX was at 0,1% in September, while headline CPI increased by 0,2% month-on-month.

According to Nicky Weimar, economist at Nedbank: "It's certainly good news. It seems, although it is little early to tell, that August was the peak for CPIX. From the Reserve Bank perspective, it's a good trend and strengthens the case for a rate cut in the short term."
full story from M&G here
Private sector demand for credit slowed to 16.42 percent in September, below forecasts, from 18.64 percent in August, South African Reserve Bank bank data showed on Wednesday.

Growth in the broadly defined M3 measure of money supply eased to 15.23 percent compared to 15.42 percent previously in the same period.

Efficient group economist Fanie Joubert said: "The money supply (figure) is more or less as we expected. We expected a rise of 15.3 percent. The credit figure is lower-than-expected. We expected a rise of 17.7 percent.

"It indicates that the trend, after the increase, is continuing to come down, which is a good thing, especially given the sharp increase (weakening) in the rand, which caused some fears that we could see an extra interest rate hike.
full story from Business Report here
So that leaves the Rand - and that seems to be steadier too.

Early signs, like the first little leaves of spring. I'm sure the pain is not over, but it could start easing off just a little.