Monetary policy will take into account the pressures on food price inflation arising from the boom in agricultural commodities, together with inflation pressures from other imported commodities. 13 As with the oil price shock, the appropriate monetary policy response is generally to look through the first-round effects, but respond to the second-round expectations consequences.
In turn, this calls for a supportive institutional environment to ensure that there is sufficient availability of construction workers with the required skills, together with the constellation of policies that will facilitate scale efficiencies in the rollout of this work programme. Similarly, the agricultural sector faces both transition challenges and opportunities.