If everything had gone as we hoped, today's inflation figure would have been much closer to the target range. Year-on-year, the prices of oil, gas, coal, copper, steel, iron ore, soya, wheat, palm oil, cotton, sunflower oil and maize are significantly lower. The supply chain bottlenecks have been solved. Inflation is slowly falling around the world. Alas, then the setbacks hit us.

This episode is supported by Economic Research Southern Africa and the NWU Business School.

Errors and omissions are my own.