Markets had expected a 100 basis-point rise on the back of hawkish comments from Tito Mboweni, the governor of the Reserve Bank, last week. But the Reserve Bank's rate-setting committee opted for a half-point hike, saying that there were "a number of offsetting effects which confirm the responsiveness of the economy to our less accommodative monetary policy stance."
Monetary-policy relevant inflation would soar from 10.
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