South African Reserve Bank raises rates by 0.5%

The South African Reserve Bank has hiked rates to 10% to combat rising inflation.

Tito Mboweni, the governor of the central bank, said: "Having considered recent developments, the monetary policy committee has decided that a further adjustment in the monetary policy stance is required in order to ensure that consumer price index inflation returns to within the target range."

Mboweni added that the main causes of the inflationary pressures were food and energy prices, but that "broader underly

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