South African Reserve Bank Commits to 3% Inflation Goal, Cites Oil Shock Risks
The South African Reserve Bank reiterated its commitment to returning inflation to its 3% target after raising the policy repo rate by 25 basis points to 7%. Governor Lesetja Kganyago defended the hike as needed to stem developing second-round effects from a Middle East oil shock that are spilling into diesel, fertilizer and food prices, and warned…