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The SA Daily 11 April 2018

SARB - improved growth, with lower inflation

Shireen Darmalingam

  • The SARB released its Monetary Policy Review last night. We were particularly interested in the bank’s view on anchoring inflation expectations around the mid-point of the 3-6% target. The SARB noted that while the inflation outlook is better, it is still not satisfactory.
  • Nonetheless, inflation is expected to stay within the target range over the forecast horizon, and is expected to be below the longer-run averages over this period. The bank noted its new emphasis on anchoring inflation more comfortably within the target range, with inflation expectations closer to the mid-point of the target, at 4.5%.
  • Growth forecasts showed some acceleration, although the bank pencils in growth of 2% only closer to 2020. The bank said though that there are upside risks to these forecasts.

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