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graphdown thumb medium90 80Reuters reports that the SA Reserve Bank’s (SARB’s) 3-6% consumer inflation target range should probably be lower to bring it into line with emerging market peers, Governor Lesetja Kganyago said on Wednesday.  

In a public lecture he stated:  “A frank reassessment of the 3-6% inflation target range, which is now almost 18 years old, would probably conclude that the target should be lower.  My economists have worked on the numbers, and they report that if we want an inflation rate in line with our trading partners, we should be aiming for 3-4%, that is not where we are today.”  Deputy Finance Minister Sfiso Buthelezi said in July there was a need to debate whether the 3-6% range – which is a government policy – was still relevant.  Consumer price inflation fell to 4.6% year-on-year in July, its lowest in nearly two years, boosting the chances of further interest rate cuts by the SARB.

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