SA panel to draft inflation-target recommendations

A panel is drafting recommendations on possible changes to South Africa’s inflation target that will be presented to both the central bank and the National Treasury before an announcement is made, the authorities said.

Read: Is South Africa’s 3% inflation target feasible?

The so-called Macroeconomic Standing Committee has been conducting technical work to assess the appropriateness of the target, according a joint statement published on Monday.

Read: SA urged to factor climate risk into monetary policy

“The minister of finance will make a formal announcement as soon as is practical to anchor expectations,” they said.

The central bank’s current inflation-target band is 3% to 6%. In July, central bank Governor Lesetja Kganyago announced that policymakers would now prefer to anchor price expectations at the lower end of the range at 3%.

Read: Chasing 3%: Understanding the inflation target debate

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