People were seeing inflation around Page 7 of 14  4.5%, and they were hearing the SARB say that’s where we planned to keep it, so they used that information in setting prices and wages.
All of this happened without us having to adopt a tight policy stance – we started with the repo rate at 7%, and we never had to go above that. Put simply, we got a good opportunity to get inflation lower, and we used it. Did we do the right thing? Again, I appreciate that informed people disagree, and these are good-faith disagreements.