CAPE TOWN, Oct 2: South Africa's central bank governor Tito Mboweni expressed concern on Monday about high consumer debt, rising inflation and the country's growing trade deficit.

Household spending grew by about eight per cent in the second quarter of the year, while household debt as a percentage of disposable income reached 70 per cent, he told a gathering of trainee accountants in Cape Town.

“Clearly this is beginning to be something of concern,” Mboweni said.

Loans and advances grew by over 26 per cent while the savings rate was at 13 per cent.

Consumer price inflation meanwhile has reached five per cent -- “creeping nearer the upper end of our target band”, said Mboweni.—AFP