While many countries are battling stagflationary conditions of high inflation coupled with low growth, global inflation has softened noticeably in recent months, thanks to lower food and oil prices.
In South Africa, however, inflation has remained worryingly persistent. Even as GDP growth slowed to a crawl, the Reserve Bank in March hiked its 2023 inflation forecast to an average of 6% for the year, as prices of food and goods keep rising. South Africa may now only hit the 4.5% midpoint of its inflation target in 2025. ..
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