Today's Labour News

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sarb thumb medium60 101Business Report writes that the weak rand and the drought have boosted food costs and threaten to keep inflation outside the SA Reserve Bank’s (SARB’s) 3% to 6% target range for an extended period.  

This was reported by SARB Governor Lesetja Kganyago on Thursday following the latest Monetary Policy Committee (MPC) meeting.  While the consumer price index (CPI) slowed to 6.2% in April, it will probably peak at 7.3% in three months through September and exceed the bank’s target until the third quarter of 2017, Kganyago indicated.  “There are indications that the pass-through from the exchange rate to inflation is increasing and food-price growth is forecast to climb to about 12% in the third quarter of this year,” he advised.  The MPC “remains concerned that inflation expectations remain at uncomfortably high levels”.

  • Read this report by Xola Potelwa, Amogelang Mbatha and Mike Cohen in full at Business Report
  • Read the SARB’s MPC statement at SARB online

Get other news reports at the SA Labour News home page