South Africa c.bank says persistent CPI target breach will require policy response

South Africa's central bank will tolerate temporary breaches of its inflation target to smooth out short-term fluctuations in economic growth, but a persistent breach will require a policy response, Deputy Governor Daniel Mminele said. The South African Reserve Bank (SARB) raised its benchmark repo rate by 25 basis points to 7.0 percent last month, in an effort to tame rising inflation, despite fears about waning economic growth.