Reserve Bank Governor Gill Marcus says the short-term low point of inflation could have already been reached.
Delivering the monetary policy committee statement on Thursday‚ Marcus said that inflation would be “contained within the target range” for the forecast period.
The bank targets inflation between 3% and 6%.
The consumer price index (CPI) increased by 5.0% year on year in August from an increase of 4.9% year on year in July.
The governor also noted that the near term eurozone risks had subsided‚ while the risks of a Greek exit from the eurozone remained.
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