At the time, the annual inflation rate was a very modest 2.3%, but it had averaged 7.3% over the preceding five years, spiking to over 10% at times. This suggested that achieving the inflation target was not going to be easy, and would require a meaningful change in policy implementation. Fortunately, since February 2000, SA’s inflation rate has averaged 5.6%. It has been at or inside the inflation target range for almost 75% of the time over the past 15 years. This is a heartening and important economic success story, especially given SA’s general economic malaise since 2010.

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