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We’re slap bang in a still unfolding emerging market crisis.

The rand is weak, raising expectations of higher inflation.

In normal times the case for an interest rate hike would be, almost, open and shut.

However, we’re in a recession.

The Money Show’s Bruce Whitfield interviewed Standard Bank Chief Economist Kevin Lings, who previewed Thursday’s interest rate decision.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Quite a lot lower [CPI at 4.9%] than most people’s estimates…

Kevin Lings, Standard Bank

In August prices declined by 0.1%... there was outright deflation in South Africa!

Kevin Lings, Standard Bank

We are seeing some prices come down… there’s not much inflationary pressure… There are many numbers that are incredibly low…

Kevin Lings, Standard Bank

We can’t afford to cut interest rates… The risk to interest rates is, unfortunately, on the upside… Emerging markets are under pressure…

Kevin Lings, Standard Bank

We’re going to see a monster increase in South Africa’s petrol price…

Kevin Lings, Standard Bank

I’m expecting to see some improvement in growth… Probably in the order of 1% or 1.5%... We don’t expect a recession for the calendar year…

Kevin Lings, Standard Bank

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This article first appeared on 702 : Got debt? Why the Sarb probably won't have a nasty surprise in store on Thursday

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