And, by extension,  4  The rand has depreciated around 6.8% in the year to date and by 17.6% over the past year against the US dollar. the rand depreciation has negated the impact of lower global energy and food costs on domestic inflation.
Of concern is that core inflation, which excludes the more volatile food and energy components from the consumer price index (CPI) basket, remains sticky. The pressure on core inflation has been mainly driven by repriced imported goods costs. But apart from higher imported goods costs, one needs to keep an eye on core services inflation.