SARB raises rates as inflation soars

The South African Reserve Bank raised the key repo interest rate by 50 basis points to 9.5% on 7 June, after inflation surged through the upper band of the central bank's 3% to 6% target range in April.

Tito Mboweni, the governor of the Reserve Bank, said that the outlook for inflation had deteriorated and predicted a further breach of the target in the fourth quarter of this year after a short reprieve. CPIX, the central bank's target measure for inflation, hit 6.3% in April - the first breac