If sanctions against Iran and Venezuela were lifted, it would help ease supply-side pressures.
People are scared of the war in Ukraine and how it could affect the economies of the world. Image: iStock
People are scared of the war in Ukraine and how it could affect the economies of the world and therefore experts are considering all the numerous transmission channels. According to Oxford Economics Africa, it has revised its forecast for crude oil prices to average about $100 per barrel in 2022 after crude oil averaged $70.8pb in 2021.
However, the impact of elevated oil prices will translate into higher inflation over the near term in South Africa.
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