Most of the planned upgrades, additions or alterations to the branches have either been completed, have reached the construction stage or are near this stage pending the successful completion of the planning and tendering processes. The new Bloemfontein branch building is being designed.
This base effect will have a moderating effect on inflation in the months to come as well. This is the easy part. Less easy are transitory factors of uncertain length. Important in this category are the inflationary pressures from supply chain bottlenecks and future developments in energy prices. They both have a strong but transitory impact on headline inflation.