South Africa's inflation is expected to decline to within the central bank's target range of 3% to 6% by the third quarter, which would be sooner than previously forecasted, governor Lesetja Kganyago said on Tuesday.
, the SARB monetary policy committee surprised the market by implementing a 50 basis point increase to its interest rate.
It was the 10th consecutive rate hike since November 2021 as the bank battled to bring down stubbornly high inflation. Speaking at an event in Johannesburg, Kganyago said inflation had been steadily trending down, reaching 6.3% in May after peaking at 7.8% in July 2022. "My team is expecting that inflation will decline to within the target range either in the second quarter or at the latest in the third quarter," said Kganyago.Reporting by Kopano Gumbi; Editing by Bhargav Acharya and David Gregorio
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DP World, Standard Bank eye South Africa import-export loans - The Africa Report.comLogistics giant DP World, which recently partnered with Standard Bank, is seeking SouthAfrica’s central bank authorisation for direct import-export lending in the country, says Sinan Ozcan, director at DP World Financial Services.
Read more »
Africa Live: South Africa's Zulu king denies being poisoned - BBC NewsEight bishops from South Sudan's Catholic Church have called for urgent intervention by the international community to help resolve the conflict in neighbouring Sudan. In a letter to S Sudan's govt, they said 'the way forward is a peace process not war'.
Read more »
Africa: The Global South Is On the Rise - but What Exactly Is the Global South?Analysis - The unwillingness of many leading countries in Africa, Asia and Latin America to stand with NATO over the war in Ukraine has brought to the fore once again the term "Global South."
Read more »
South Africa: 15 Killed in Eastern Cape Crash - South African News Briefs - July 04, 202315 Killed in Eastern Cape Crash - South African News Briefs - July 04, 2023 allafrica: SouthAfrica
Read more »
South Africa: Teboho Mahlatsi's Death a Loss to South African TelevisionThe South African arts and entertainment industry has been struck by another loss - filmmaker and producer Teboho Mahlatsi.
Read more »
Food prices are climbing again, according to latest Shisa Nyama Index | BusinessFood prices in South Africa are on a tear yet again, underscoring central bank Governor Lesetja Kganyago’s resolve to keep monetary policy tight for longer. | News24_Business
Read more »