The post-Covid economic environment has been extraordinarily challenging, not least due to the prolonged surge in global inflation.

SA’s inflation peaked at 7.8% in July 2022, rising from an average of 3.3% in 2020. Since returning to the 3%-6% target range, headline inflation is within reach of the midpoint but continues to exhibit significant monthly volatility. Our forecast now is for a gradual decline to about 4.5% in the absence of any domestic or international shocks...

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