South Africa’s central bank must restore faith in its ability to achieve its inflation target after struggling to slow consumer price growth to 4.5% for about three years, Governor Lesetja Kganyago said. The Reserve Bank officially targets inflation in a range of 3% to 6%, but its monetary policy committee prefers to anchor price-growth expectations close to the midpoint. The annual inflation rate was 5.2% in May, unchanged from the previous month. After the worst global inflation shock in a generation, headline price growth returned to the central bank’s target band in June 2023 “but has since then been stuck in the ... (full story)