South Africa's monetary policy committee (MPC) will need to assess "very carefully" whether the bank's current monetary policy stance remains "appropriate", given growing risks to the inflation outlook, a deputy governor at the South African Reserve Bank has said.

Rand depreciation, electricity tariff increases and the impact of the drought on food prices are, Daniel Mminele explained, "expected to outweigh the impact of lower oil prices". As such, risks to the outlook are "titled to the upside"