Fortunately some administered prices have shown signs of moderating, particularly in the light of low tariff increases granted by the relevant regulators to the Post Office, Eskom and Telkom. A further concern is the trend in international oil prices discussed earlier. The higher international oil price translates itself quickly into higher pump prices and the effects have already been felt in the inflation numbers.
Housing markets are adjusting not only to higher interest rates, but also to new mortgage guidelines and rules aimed directly at cooling certain housing markets. Given the unique situation, we are monitoring the impacts carefully. Housing activity has been a little weaker than we expected recently.