In its latest monetary policy review, the Reserve Bank estimates that load-shedding will take two percentage points off GDP in 2023 and add 1.1 percentage points to inflation.

For the monetary policy committee (MPC), this has had the effect of more policy tightening than would have otherwise been the case, even as growth has stalled. We saw this with a continuing acceleration in domestic food inflation, even as food prices globally are providing a welcome disinflationary impulse to economies. In SA, food price inflation has continued to accelerate, coming in at 14% in March.  ..

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