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All eyes were once again on Finance Minister Enoch Godongwana today, but unlike last year’s political standoff over a proposed VAT hike, this Budget was delivered against a more stable backdrop.
The consensus in the run-up to the 2026 National Budget is that a combination of economic growth, low inflation, and resurgent gold and platinum group metal (PGM) prices will give the Minister of Finance room for a taxpayer-friendly budget with few surprises.
Annual consumer inflation eased to 3.5% in January, from 3.6% in December, while prices rose 0.2% month-on-month. The print keeps inflation close to the newly adopted 3% target and reinforces the disinflation profile that policymakers are seeking to entrench.