South Africa’s Central Bank Head Says Lower Oil Price Easing CPI

South Africa’s central bank Governor Lesetja Kganyago said that lower oil prices have helped drive inflation in the country to a multiyear low and would probably continue to do so.

“We still think that the next print might still have a 2-handle to it, but the environment is uncertain,” Kganyago told Bloomberg Television Thursday in Washington, on the sidelines of the International Monetary Fund and World Bank Spring Meetings. “Although the South African rand has depreciated, what we’ve found is that the decline in the oil price more than made up for the depreciation of the currency.”