Page 10 - RMI Annual Report 2022

The current juncture resembles Composition of household liabilities
the 1970s in three key aspects: (% of total liabilities) in Q2.2022.
persistent supply-side disturbances
fuelling inflation, preceded by 46.10%
a protracted period of highly Mortgages
accommodative monetary policy 17.30%
in major advanced economies, Vehicles & other secured
prospects for weakening growth, 10.30%
and vulnerabilities that emerging Unsecured personal loans
market and developing economies 1.5%
face with respect to the monetary Retailer credit
policy tightening that will be 5.1%
needed to rein in inflation. Credit cards
1.6%
Overdrafts
18.1%
Other liabilities

Source: Momentum-Unisa.

SA consumer inflation: history and forcasts

% change year/year
14

12

10

8

6

4

2

0 2001 2004 2007 2010 2013 2016 2019 2022 2025
1998

Actual CPI inflation forecast

Trade weighted rand movements vs CPI inflation (both % change y/y)

% change year/year 10
-40 8
-20 6
4
0 2
20 0
40

2009 2010 2011 2013 2014 2015 2017 2018 2019 2021 2022

Trade weighted rand CPI inflation y/y (RHS)

Source: Stats SA, Iress.