South African inflation seen averaging 5% in 2024

Inflation in South Africa is expected to average 5% this year and around 4.5% in 2025, South African Reserve Bank (SARB) governor Lesetja Kganyago said on Wednesday.

Speaking to the Reuters Global Markets Forum in Davos, Kganyago said inflation was still a concern as both global and domestic risks weighed on the outlook.

Inflation slowed for the first time in four months in November in South Africa, thanks to cooling fuel prices despite still-rising food costs.

The SARB targets inflation between 3% and 6%. (Reporting by Divya Chowdhury in Davos, Writing by Bhargav Acharya and Kopano Gumbi; Editing by Andrew Heavens)