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Measuring Inflation Credibility: Results Of A First Representative South African Sample

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  • Jannie Rossouw
  • Vishnu Padayachee

Abstract

This study reports the measurement of inflation credibility of a representative sample of the South African population in terms of an inflation credibility barometer. The barometer is an instrument measuring the degree of acceptance of the accuracy of historic inflation figures. These research results serve as a benchmark for South Africa, as similar measurement of a representative sample has not been undertaken before. The sampling results show little public understanding of the rate of inflation and its measurement of "average" price increases experienced by an "average" household. As generally accepted international benchmarks for successful central-bank communication strategies do not exist, the application of the methodology reported in this paper can improve the effectiveness of central bank communication aimed at improving the general knowledge about inflation. Copyright (c) 2009 The Authors. Journal compilation (c) 2009 Economic Society of South Africa.

Suggested Citation

  • Jannie Rossouw & Vishnu Padayachee, 2009. "Measuring Inflation Credibility: Results Of A First Representative South African Sample," South African Journal of Economics, Economic Society of South Africa, vol. 77(2), pages 314-331, June.
  • Handle: RePEc:bla:sajeco:v:77:y:2009:i:2:p:314-331
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    References listed on IDEAS

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    1. Gj Kershoff & Bw Smit, 2002. "Conducting Inflation Expectation Surveys in South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 70(3), pages 205-212, March.
    2. Jannie Rossouw & Fanie Joubert, 2005. "Supporting An Inflation Targeting Policy With The Measurement Of Inflation Credibility," South African Journal of Economics, Economic Society of South Africa, vol. 73(2), pages 321-336, June.
    3. Vishnu Padayachee, 2001. "Central Bank transformation in a globalized world: the Reserve Bank in post-apartheid South Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(6), pages 741-765.
    4. Jonung, Lars, 1981. "Perceived and Expected Rates of Inflation in Sweden," American Economic Review, American Economic Association, vol. 71(5), pages 961-968, December.
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    Cited by:

    1. James Heintz & Léonce Ndikumana, 2010. "Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Papers wp218, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Stan du Plessis, 2014. "Targeting core inflation in emerging market economies," Working Papers 23/2014, Stellenbosch University, Department of Economics.

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