Reuters –
Pretoria – The deputy governor of the South African Reserve Bank, Daniel Mminele, says inflation is “uncomfortably high” and could increase further.
He said inflation was above its 3% to 6% target band and could rise further in a deteriorating domestic economic environment.
“Monetary policy in South Africa is currently facing an increasingly challenging situation, as the domestic economic growth outlook has deteriorated markedly even as inflation broke out of its target range,” Mminele told financial market professionals in Pretoria.
Inflation rose above the central bank’s and market expectations in May when it came in at 6.6%.
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