South Africa’s inflation expectations hit record low

The OFM Business Hour unpacks the Bureau of Economic Research’s latest Inflation Expectations Survey, the first since the South African Reserve Bank signaled its preference for a 3% inflation target instead of the traditional 4.5% midpoint. The Q3 2025 survey shows all three social groups observed lowered their longer-term expectations, with headline inflation over the next five years projected at just 4.2%. To break down what this means and what to watch for in Thursday’s interest rate announcement, we’re joined by Lisette Ijseel de Schepper.