Inflation expected to average record low 3.6% over next 5 years

Economists, business managers and trade unions expect inflation to average a record low of 3.6 % over the next five years.
The group of professionals participated in a survey by the Bureau for Economic Research.
Their expectation follows government’s decision to anchor inflation at the new 3% target, give or take one percentage point.
Economist at the Bureau for Economic Research, Nicolaas van der Wath, says the survey does not reflect the impact of the war in Iran, which took place after the survey.
“The households were surveyed before the attack of Israel and America on Iran, whilst the businesses and the other professional groups, most of them, 86% of them, answered before the invasion, but the remaining 14% answered after this attack started.”
“So the overall survey results would not really reflect this expected oil price or fuel price increases that we are going to see because of the oil price shock. So we can’t gauge a lot of that in the survey yet. And even those people that answer after the attacks, the oil prices only started to increase even a little bit later than the actual date of the attack,” adds Van der Wath.
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