Fin24.co.za reports that demand for credit by South Africa’s private sector rose by 23.89% in the year to end-June, official data showed on Monday, above expectations and accelerating from an unrevised 22.7% in May.

During the same period the broadly defined M3 measure of money supply grew by 23.07% – just below forecasts – after increasing by an unrevised 24.20% in May.

Consensus forecasts in a Reuters poll last week showed that private sector credit demand, which has helped drive a consumer spending boom, was likely to rise by 23% year-on-year.

Annual growth in M3 – which often points to inflation pressure building in the economy – was expected to show an annual growth rate of 23.45% during the month.