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Tough times for local economy
Bleak forecasts for the South African economy are being made by economists on the back of higher consumer price inflation and producer price inflation figures according to an article published by the Mail & Guardian.
It says that domestic food price inflation has risen from about 1,1% year-on-year in July last year to 7,5% currently. Electricity contributed three percentage points to the total inflation rate as a result of higher tariffs imposed this year.
Nedbank economist Carmen Altenkirch says that a slowdown in global growth might ease commodity prices and reduce the sources of pressure for domestic inflation.
She warns, though, that this could have a correspondingly negative impact on job creation levels while weaker household spending may limit the pricing power of retailers.
Read more:
- Mail & Guardian: Tough times ahead for economy
