It is seldom you can say that a meeting of the monetary policy committee was a ding-dong affair, but apparently this one was. The committee decided by four votes to three to reduce interest rates by 25 basis points, providing another boost to the economy in this current phase of Ramaphoria. But in the same way euphoria often flatters to deceive, this sugar rush could turn out to be a oneoff. Reserve Bank governor Lesetja Kganyago conceded it was a "very heated debate". The nature of the debate is easy to comprehend. Different forces and expectations are pulling inflation in different directions and it is more difficult than usual to see how this battle will go. On the one hand, inflation was at a three-year low of 4% year on year in February. The lower inflation was caused by weaker food prices, which have eased as the recent drought lifted. The other obvious influences were the stronger rand after the quickfire political changes and the decision by ratings agency Moody’s to not onl...

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