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As a result of the war in Ukraine, which has sent commodity prices soaring and snarled up global supply chains, SA’s inland petrol price reached R24.17 last week — its highest level yet, even after the government’s extended relief measures.

Globally, inflation is running rampant. In the euro area it’s the highest it’s been since the bloc’s inception. In both the US (8.3%) and the UK (9.1%) it remains close to levels last seen 40 years ago...

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