I view the recent tightenings as the partial reversal of the earlier easings, in response to the reversal of the factors that motivated them. Financial markets have clearly improved. The global economy looks stronger and the United States is now projected to expand this year at a multiple of the rate projected last fall.
These developments resulted in further increases in the domestic petrol price of R0,29 and  1/3  R0,12 per litre in September and October respectively, and will contribute to further upward pressure on CPIX in those months.