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SARB voices concern over inflation target range

SARB says it’s concerned that inflation expectations are not anchored more comfortably within its 3-6% target range.

FILE: South African Reserve Bank governor Lesetja Kganyago. Picture: AFP.

JOHANNESBURG - The South African Reserve Bank says it’s concerned that inflation expectations are not anchored more comfortably within its 3-6% target range.

In a speech on the outlook for monetary policy on Friday afternoon, Governor Lesetja Kganyago has warned this weakens the case for the Reserve Bank to lower interest rates.

On Thursday, the bank left the repo rate unchanged at 7%.

There were concerns that the rate would increase with October’s inflation figure measured at 6.4%.

However, the governor says that inflation is expected to return to within the target range despite pressures from food prices.

“Since the previous meeting of the Monetary Policy Committee, inflation forecasts have remained largely unchanged. Whereas the risks for the inflation forecast were previously assessed to be more or less balanced. The committee now assesses the risks to be moderately on the up side.”

The central bank has left rates unchanged at 7% since March this year.

(Edited by Zamangwane Shange)