This will put upward pressure on both month-on-month and year-on-year inflation this month.

Buoyant spending and borrowing have not yet been inflationary, and will not necessarily become inflationary, partly because of relatively low global inflation and strong price competition from imports.

Economic growth will still stay strong ... but the manufacturing sector will not help.

The rand weakened during February, which is expected to have limited the Bank's accumulation of foreign exchange reserves during the month.

Prices will keep pace with inflation, which is expected to reach 10-10.5%, given no cataclysms.

The Fed will want several months to confirm that inflation risks have shifted lower and there are subtle phrases that suggest they're not really believers. Take core [personal consumption expenditure inflation] down to 1.5% and they'll sing a louder tune.