Energy Markets
South Africa's Central Bank: Power prices will return to 3% inflation.
South Africa's Central Bank said on Thursday the underlying inflation is well contained but that unexpectedly higher electricity prices will mean a slower recovery to its new 3% goal. The central bank, in a review of its monetary policies every two years, said that the outlook for electricity prices had worsened during the past six months. It now expects it to average 7,9% on a medium-term basis, up from 6,6% in April. The overall inflation rate was much lower at 3.4% in December, after being close to 3% for most of the year. In its policy review, the South African...