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SA’s fourth-largest bank, Nedbank, has painted a bleak picture of what is to come in the local economy after revising its forecast for consumer inflation and interest rates for the rest of the year.

SA’s consumer price index (CPI) rose to 6.5% in May, breaching the Reserve Bank’s upper limit of 6% amid relentless increases in food and petrol prices. This is the highest the rate has been since January 2017, when it hit 6.6%...

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