A keynote address by Daniel Mminele, Deputy Governor of the South African Reserve Bank, at the S&P Dow Jones Indices South African Seminar Johannesburg 12 February 2019 Understanding the core drivers of inflation in South Africa Introduction  Ladies and gentlemen, good morning, and thank you to S&P Dow Jones Indices for inviting me to deliver the keynote address at this conference, which brings together a broad spectrum of investment management and other financial market professionals to discuss, among others, key drivers of South Africa’s reinvention of itself to stimulate economic growth.
The topic chosen for this address, ‘Understanding the core drivers of inflation in South Africa’, is of high relevance today – not just because of the key influence that price developments have on the economy in general, and on corporate investment decisions in particular, but also because of the growing debate, both at home and globally, about the mandate of central banks and what exactly they should be responsible for.