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.

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