Inflation, Expectations and Real Returns: what investors need to know now

Inflation is not a single number – it’s a story. It’s the story of many price baskets moving at different speeds, filtered through human psychology, and guided by a central bank that spends as much time anchoring expectations as it does moving interest rates. In a year where headline CPI eased to 3.3% in August and the SARB kept the repo rate at 7.0%, understanding that story helps investors make better decisions.