Price pressures are building in the global and domestic economy, reflecting global supply shortages and rising demand. But statistical base effects due to the Covid-19 pandemic are also artificially boosting inflation data, making annual increases seem more pronounced than would otherwise be the case.

Last week, SA’s consumer price index (CPI) for April hit a 14-month high at 4.4% year on year, up from 3.2% year on year in March, driven mainly by rising transport and food prices...

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