In South Africa, a strong trade surplus, buoyed by robust commodity prices, will cushion our economy against pressure arising from US policy.
agrees that the current spike in inflation seen in the US is not permanent. The country’s CPI inflation had exceeded South Africa’s CPI inflation rate in June and July, the first time since 1995, Bishop noted. South Africa’s inflation rate will likely rise to 4.9% year on year in August and remain about 5% year on year for the rest of the year, she added.
“For instance, commodity prices have started going up again … On top of that, it seems that there is not much easing taking place in the physical supply chain. For example, the price of shipping is not coming down. So there are pipeline issues.” Power said labour market dynamics may be more concerning than other pressures. “That’s what I’d be worried about, even more than oil prices, which may indeed be transitory. And the matter of ships can be eased. But the fact that there has been a fundamental change in the jobs that people want to do — that is a bit problematic,” he said.
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