South African inflation expectations declined for the first time in two years, suggesting price pressures have peaked and the central bank will be able to keep interest rates on hold.
“It was the first drop in average 2023 expectations in two years,” BER said. “Lower expectations were also evident over the entire forecast horizon — 2023 to 2025 — and mostly due to downward revisions by business people and trade unionists,” it said in a statement published on its website. The rate of price growth has dropped for four straight months to 4.7% and is nearing the midpoint, which it has exceeded since May 2021.
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