SARB's Quarterly Bulletin, September 2005
The intensity of policy stimulation feeding through to the world economy was gradually reduced by rising policy interest rates in the United States and a number of other countries. Simultaneously, overall growth also seemed to be held back by frictions arising from the transfer of purchasing power from oil-importing to oil-exporting countries, as international oil prices scaled record heights. On top of the strong global demand for oil and geopolitical tensions, natural disasters which disrupted production and distribution networks propelled the oil price to levels approaching US$70 per barrel.
During the course of 2005 inflation edged higher in many parts of the world in the wake of rising oil and high commodity prices generally. However, the overall inflation picture remained well contained as global competition continued to discipline price and wage behaviour.
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