A major talking point for the economy today was the inflation report that came out from Statistics South Africa a little earlier. I looked at that report and it showed that the price of meat had risen 8% year on year in December, and the price of oil had surged over 20% in the same period. In fact, that’s a consumer inflation report for December showing that the price of practically everything has increased.
Adding to that are the price pressures from energy and electricity, and one has to ask what happens if Eskom gets its way and pushes through that 20.5% increase in tariffs. I guess the question then is how worried you think our South African Reserve Bank could be when looking at what inflation is doing presently? DR CHRISTIE VILJOEN: Yes. We know the electricity price is going to go up. It’s going to probably be substantial. We don’t exactly know what it’s going to be.
And what’s your view of the number of interest-rate increases that we may see? DR CHRISTIE VILJOEN: I think if you look at the guidance from the Reserve Bank, it’s probably about five, maybe six, depending on how you tip the numbers. I think that it all depends on how fast the economy is growing. If the economies are growing fast enough, they’ll have to slow that down a bit, so it’s possible that it could be slower, maybe only four adjustments.
Just a quick one. I saw that the inflation rate varies across provinces. For instance, I’m seeing that for the likes of the North West and even in the Northern Cape, their consumer inflation is presently sitting over 6%. Why is there this difference? DR CHRISTIE VILJOEN: Well, we know certain prices will be the same. We know fuel is regulated, electricity is regulated – those kind of services.
All right. Dr Christie, thanks so much for your time. We will leave it there. Dr Christie Viljoen is an economist at PwC, and was helping us break down and understand the consumer inflation print for December. jQuery.on { event.preventDefault; jQuery.animate).offset.top }, 500); }); jQuery.ready { jQuery.bind { jQuery.lightBox }); function getSelectedText { if { var range=window.getSelection; return range.toString } else { if { var range=document.selection.createRange; return range.
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