[VIP Remarks] South African Reserve Bank (SARB)

“Growth is expected to accelerate slightly in the medium term, supported by improved reliability of electricity supply and improved logistics.”

“Over the medium term, we expect inflation to remain stable at 4.5%.”

“Inflation expectations are still uncomfortably above SARB's target inflation rate of 4.5%”

“Although the inflation outlook has improved, the risk balance is assessed to be improving”

“The 2024 GDP growth rate forecast is 1.1% compared to the previous year (1.2% last time)”

“The 2025 GDP growth forecast is 1.5% compared to the previous year (1.4% last time)”

“The 2024 CPI forecast is 4.9% compared to the previous year (5.1% last time), and the 25-year CPI forecast is 4.4% (4.5% last time)”

“The core CPI forecast for 2024 is 4.6% compared to the previous year (4.7% last time), and the core CPI forecast for 2025 is 4.4% (4.6% last time)”