Falling fuel prices and collapsing demand are likely to outweigh the effects of a weaker rand, and could push consumer inflation towards 17-year lows, according to investment bank BNP ParibasBNP Paribas sees inflation averaging just 2.
To add to this, BNP Paribas’s assessment of core inflation — inflation excluding food and fuel prices — suggested that price items sensitive to economic activity, such as restaurants, hotels and maintenance and repair prices, are likely to slip into deflation territoryThese factors, among others, suggest that headline consumer inflation could average the “near historic low” of 2.
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