Widespread power cuts will keep increasing consumer prices, Paris-based group says in its economic outlook
The Organisation for Economic Co-operation and Development has called on the Reserve Bank to stay the course in fighting inflation, which has stayed stickily above its target range of 3%-6%. SA’s inflation rate is now at 6.8%.
The Paris-based organisation said in its economic outlook released on Wednesday that SA’s power cuts will keep pushing up consumer prices. It expects inflation to remain above the target midpoint of 4.5% in 2023 but to fall back into the target range of 3%-6% in 2024 “as the delayed effects of monetary policy are felt”...
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