inflation for 2021 was 10.2%; the forecast for 2022 has been revised upwards to 14.5% from 14.4%.
“Given the moderate medium- and long-term inflation projections set out above, higher domestic import tariffs, stronger services inflation and higher wage demands present additional upside risks to the inflation forecast.” The MPC noted the risks arising from the possibility of a faster normalisation of global policy rates. These risks, the statement said, are currently built into the Reserve Bank’s forecast, which assumes some rate hikes to begin in about June this year.
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