The performance of the domestic economy fell short of expectations and financial markets performed poorly in the run-up to South Africa’s 2024 general election.
Marcus Rautenbach comments that consumer price inflation in 2024 is likely to be higher than anticipated and that interest rates could therefore remain high for longer. Higher interest rates contribute to lower economic growth and scaled-back expectations of financial markets. He notes that in this environment, both gold and oil prices increased to quarter-end.