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EM Thematic May 06, 2022 / 11:06 am UTC

South African Inflation Is Nowhere Near Turkey's Scale But Upside Risks Are Rising

By Francesca Beausang
When compared with Turkey's latest inflation print of 70% y/y, South Africa's 5.9% looks tame. However, there are upside risks to South African inflation from higher wage growth and further advances in global goods prices. 7% average inflation for 2022 is not unrealistic and our current 5.8% forecast looks low.