Inflation outcomes surprised on the upside for two consecutive months, to my disappointment and I am sure that of everyone who forecasts inflation. The pain would have been worse for the Reserve Bank, which has the thankless task of bringing inflation down to 4.5%, or 3% if governor Lesetja Kganyago and his lieutenants could make their own cake to eat.

As far as the Bank is concerned, it's more than a disappointment; it is a policy headache having to face stubbornly high inflation, low economic growth and policymakers elsewhere in government who at the very least do little and at most do the opposite of what is required to stabilise the macroeconomic environment...

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