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Data releases for the closing months of 2005 are expected to reflect buoyant activity, especially as we tally up retailers' Christmas sales. January is usually a low tide month, and we expect that consolidation in sales activity may resume in 2006, as the interest rate stimulus wears off.

With the rand expected to remain around its 2005 levels, and global inflation remaining low, imported inflation should again be mute in 2006.

Continuing consolidation largely depends on whether or not tax relief announced in February provides new stimulus to this consolidating curve.

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