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Kganyago Says Inflation Has Turned Corner, ANC To Hold Media Briefing

SOUTH AFRICA
  • SARB Governor Lesetja Kganyago struck some optimistic notes yesterday, as he told Metro FM that "inflation has turned the corner," adding that "what we need to see is inflation declining all the way to within our target range." The official reaffirmed his earlier forecast that inflation should reach the +3%-6% Y/Y target range in Q2 or Q3. He refused to confirm if he will seek another term as central bank chief when his current term expires in November 2024.
  • Speaking at the SARB forum later in the day, Kganyago said that inflation affects the poor the most. He added that South Africa's situation is exacerbated by idiosyncratic factors, which include load-shedding. Rolling blackouts are expected to have added about 1.5pp to overall inflation in the course of the year, while shaving around 2pp off annual GDP growth.
  • South Africa's June S&P Global PMI will hit the wires at 08:15BST/09:15SAST. The index printed at 47.9 in May.
  • Later today, the ruling African National Congress (ANC) will brief reporters on the outcomes of a National Working Committee meeting held over the weekend.
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