After this week’s CPI figures surprised towards the upside, Nedbank now forecasts that South Africa’s inflation is forecast to increase to over 7% in June.
“June’s headline figure, however frightening, is forecast to be the peak in the inflation cycle. Thereafter, inflation should start to ease off the higher base established in the second half of last year. However, the upside risks remain considerable,” the bank said. “In addition, domestic fuel prices will be lifted by the phasing in of the full fuel levy in July and August. International food prices also eased somewhat over April and May, while global supply chain bottlenecks receded slightly since China relaxed Covid restrictions on Shanghai and other manufacturing and transport hubs.”South Africa’s surprise inflation figures of 6.
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