South Africa’s Kganyago Says War Inflation Risks Are Playing Out

South African Reserve Bank Governor Lesetja Kganyago said the Iran war’s impact on oil prices has validated wariness over inflation, without giving a clear signal on what that means for interest rates.

“You are seeing the adverse scenario playing itself, although not fully,” Kganyago told Bloomberg Thursday on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank in Washington. “I don’t think that we are far off with what we said would happen with the oil price.”