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It’s tempting to feel just a little virtuous when our inflation rate is lower than that of the US for the first time in many years. US consumer price inflation has jumped to 7%, the highest in four decades, with the Federal Reserve looking to start hiking interest rates to combat it. UK inflation has reached a 30-year high of 5.4%, with Europe not far behind.

Meanwhile, SA’s inflation rate has climbed to 5.9%, still just within its 3%-6% target range. The Reserve Bank has revised its forecast for 2022 up to 4.9%, and is gradually hiking interest rates. But SA is still well off the rampant inflation some of its emerging-market peers are seeing, and inflation isn’t the huge issue it has become in advanced economies...

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