SARB publishes Monetary Policy Review

The South African Reserve Bank (SARB) released its bi-annual Monetary Policy Review yesterday. It expects the main inflation rate to stay inside its 3-6 percent target range over the next two years, although the outlook has deteriorated because of high oil prices.

The annual increase in the targeted CPIX inflation index - which is the central bank's target measure for monetary policy - has crept up recently in response to rising energy costs.

In the report, the central bank said that "although

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