Good news for the embattled South African consumer is that the inflation rate tanked to a six-year low for the month of February, to 6.3% from January’s 6.6%. 5.2% if you disregard food, petrol and energy. It was driven thither by a surge in mining exports, which has a comforting ring to it. And while meat prices may head north as farmers rebuild their herds after the drought, lower bread and cereal prices should keep food inflation on an even footing. Overall, the trend appears to be downward – will this encourage the dear old Reserve Bank to do us all a solid and drop the repo rate? It will not, according to economists, the only people in the world, with sports journalists, who are actually paid money to be wrong as often as they like.
Comment: And don’t forget that 6.3% is still above the government’s 3-6% targeted band they’ve been banging on about as long as we’ve been writing the Tatler.