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The South African Reserve Bank, the country’s central bank, said Thursday that it decided to maintain its repurchase rate at the current level of 8.25 percent as the inflation has cooled for three consecutive months.
Headline inflation returned to the upper end of the inflation target range in June, and is forecast to sustainably revert to the mid-point of the target range by the third quarter of 2025, Lesetja Kganyago, governor of the central bank, said at a press briefing.
The policy stance of the central bank’s monetary policy committee aims to anchor inflation expectations more firmly around the midpoint of the target band and increase confidence in attaining the inflation target sustainably over time, he said.
With core goods and food inflation lower in the near term, South Africa’s inflation for 2023 was revised down to 6 percent, according to Kganyago.
South Africa’s inflation dropped to 5.4 percent in June from 6.3 percent in May, official data showed Wednesday.
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