South Africa’s one-year-ahead inflation expectations among households eased to 4% in Q3 2026 from 4.2% in the previous period, when the oil shock caused by the Middle East conflict pushed expectations higher. Average inflation expectations two years ahead, a measure the central bank closely tracks in setting interest rates, also edged down to 3.8% from 3.9% previously. The South African Reserve Bank seeks to anchor inflation expectations around its 3% inflation goal. Since the last survey, inflation rose to a peak of 5% in June before moderating to 4.3% in July.

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