'Upside risks to inflation' Kganyago on oil price, US rates and elections

South Africa faces upside risks to its inflation outlook, Central Bank Governor Lesetja Kganyago said, but the latest data has not shown evidence of price pressures from food despite adverse El Nino weather wreaking havoc across Africa.

In its March decision, the South African Reserve Bank said headline inflation was expected to reach 4.5% - the midpoint of its target range - only at the end of 2025, later than previously forecast. Those risks stemmed from higher oil prices on the back of heightened tensions in the Middle East, but also the prospect of tight global financial conditions amid the prospect of interest rates at the US Federal Reserve staying higher for longer.

Price pressures from food stuffs has been in focus across the continent, with droughts and adverse weather in much of the region wreaking havoc. However, Kganyago said the latest inflation data had not shown signs of those pressures in South Africa.

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