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Kganyago Doesn’t See Inflation Beat Yet

SOUTH AFRICA
  • Speaking late on Friday, SARB governor Kganyago stated that the job is not yet done on inflation, warning that risks remain to the inflation outlook, despite the rate coming down significantly. Kganyago appeared at Jackson Hole, stressing that they are focused on both growth and inflation in South Africa, flagging the exchange rate as a risk to the inflation outlook.
  • The electricity minister spoke yesterday stating that the electricity distribution mechanism across South Africa is the “albatross”, citing ongoing disputes between municipalities and Eskom that prevent progress on distribution.
  • Separately, ENCA cite the electricity minister as saying that scheduled blackouts are set to continue despite lower electricity demand across Spring and Summer.
  • Data and risk events are few and far between Monday, with focus on PPI and trade balance data due Thursday, followed by PMIs on Friday.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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