Cumulative impact of the inflation target

Today’s post by Cynan Cleaver shows the cumulative increase in the price level since July 2017, when the SARB began emphasizing a mid-point target of 4.5%. The price level is up by slightly more than 40 percent since then. Had South Africa achieved average annual inflation of 3% over this period instead, the price level today would have been around 15% lower than currently.

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