South Africa’s central bank statement says it sees upside risks to inflation; sees downside risks to growth

Newsquawk StaffPublished 28 May 2026, 13:20 UTCOn the live feed at 13:00 UTC — 9 more headlines followed before this page went public

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13:08

Newsquawk Daily US Equity Opening News - 28th May 2026

13:05

South African Reserve Bank raises rate by 25bps to 7.0% (prev. 6.75%), as expected; decision split - Four members supported a 25bps rate hike; two members favoured keeping rates unchanged

13:00

South Africa’s central bank statement says it sees upside risks to inflation; sees downside risks to growth

12:55

Fed's Williams (voter) does not comment on Monetary Policy or Economic Outlook in prepared remarks; inflation likely to peak in the next few months

12:54

US Treasury Secretary Bessent posts, "The Treasury continues our Economic Fury campaign against the Iranian regime"; "Only a satisfactory outcome in negotiations will end the downward spiral"

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FORECASTS:

Growth forecasts have been marked down, while inflation forecasts were revised higher

2026 CPI is seen at 4.4% (vs prev. 3.7%), while 2027 CPI is seen at 3.7% (vs prev 3.3%).
2026 core CPI is seen at 3.7% (vs prev. 3.3%), while 2027 core CPI is seen at 3.7% (vs prev. 3.3%).
2026 GDP growth is seen at 1.2% (vs prev. 1.4%), while 2027 GDP growth is seen at 1.7% (vs prev. 1.9%).
2026 fuel inflation is seen at 15.6% (vs prev. 7.4%).

STATEMENT

Projections entail some second-round effects, though there is no clear confirmation of these effects in the data.
The statement says three scenarios imply higher inflation and lower growth, and all show some monetary policy tightening.
Three scenarios imply higher inflation and lower growth, and all show some monetary policy tightening.
Longer strait closure has inflation at 5%, with two more rate hikes, while the most adverse scenario has three rate hikes.

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