The Reserve Bank stuck to its 2023 inflation forecasts on Wednesday, saying consumer prices will return to its target band later in the year even after data showed inflation unexpectedly accelerated for the second month running in March.

In an exclusive interview with Business Day on Wednesday, governor Lesetja Kganyago said inflation would return to the 3%-6% target range in the fourth quarter as previously forecast despite the sticky food inflation, which he acknowledged caught the Bank by surprise...

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