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SARB: Governor Kganyago Expects Sub-4% Inflation Over Next 2-3 Months

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Bloomberg runs comments from SARB Governor Lesetja Kganyago who testifies in parliament. The official says that the next two or three inflation readings could have a "three handle."

  • South Africa's CPI eased to +4.4% Y/Y in August, with core CPI falling to +4.1%, which paved the way for the MPC's unanimous decision to cut rates by 25bp the following day.
  • The SARB's official target range is +3%-6% Y/Y but the MPC has been focusing on the +4.5% mid-point, while Governor Kganyago repeatedly signalled his preference for a lower point-target of +3%.
  • During his testimony today, Kganyago strikes some optimistic notes in the discussion of the economic outlook, pointing to a "positive vibe about South Africa." He adds that GDP probably rebounded in Q3.
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Bloomberg runs comments from SARB Governor Lesetja Kganyago who testifies in parliament. The official says that the next two or three inflation readings could have a "three handle."

  • South Africa's CPI eased to +4.4% Y/Y in August, with core CPI falling to +4.1%, which paved the way for the MPC's unanimous decision to cut rates by 25bp the following day.
  • The SARB's official target range is +3%-6% Y/Y but the MPC has been focusing on the +4.5% mid-point, while Governor Kganyago repeatedly signalled his preference for a lower point-target of +3%.
  • During his testimony today, Kganyago strikes some optimistic notes in the discussion of the economic outlook, pointing to a "positive vibe about South Africa." He adds that GDP probably rebounded in Q3.