In the middle panel David Armstrong describes a low-risk strategy: tax-exempt bonds that, like Treasury Inflation-Protected Securities, give you a return over and above inflation.

FORBES: The Bupkes Bond

Many developing economies also have positive real interest rates, meaning that you can earn a return on their bonds over and above the rate of inflation.

FORBES: 3 Investment Ideas from Bill Gross's February Outlook

The above-inflation pay increases that Cosatu has claimed over the past five years have swelled government expenditure and crowded out spending on worthier causes.

ECONOMIST: South Africa's politics

Real ale campaigners and the brewers - both large and micro - had raised concerns over the impact of the beer tax escalator, which imposed an automatic annual above-inflation increase on a pint.

BBC: Budget: What's in it for the East Midlands?

The formula used in indexing showed 3.8% of inflation this year over last, well above the 1.4% amount used last year, and far greater than the 0.18% inflation factor used to set 2010 amounts, according to CCH.

FORBES: Tax Relief for 2012, Even For Dying