South Africa’s Central Bank Eyes 3% in 2028
Governor Lesetja Kganyago says inflation returns to 3% only in 2028, as the Reserve Bank weighs a rate decision on 19 November. The post South Africa’s Central Bank Eyes 3% in 2028 appeared first on The Rio Times .
South Africa's Central Bank, the South African Reserve Bank, aims to bring inflation back to a target of 3% by 2028. Governor Lesetja Kganyago made this declaration in interviews in October and November 2026. Recent data shows September inflation at 4.5%, an increase from 4.4% in August. The Bank raised its repo rate to 7.25% in September, following a rise in the prime lending rate to 10.75%.
Prediction markets suggest a 41.7% chance of 4.7% to 5.0% inflation in 2026. The Bank attributes this to a major global supply shock, with disruptions in oil and food supplies caused by conflicts in the Middle East and Russia-Ukraine war. The target is 3% with a tolerance band of plus or minus 1 percentage point. The Monetary Policy Committee expects inflation near 3% towards the end of 2027 and 3.2% in 2028.
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