Elevated Inflation Risks Concern the SARB

SOUTH AFRICA - Report 21 Nov 2013 by Iraj Abedian
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) pointed out today that it expects the inflation rate to hang around 6% - the upper limit of the target range. These worries over persistent inflation come even though the headline inflation rate has recently made its way back within the 3-6% target band. The SARB assesses risks to the inflation outlook to be tilted to the upside. In fact, core inflation – which captures the underlying long-term trend of inflation – has, by and large, been edging higher (see Graph 1). Graph 1 The repo rate remains at 5.0% per year w...

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