South Africa hikes rate as inflation outlook deteriorates

Lesetja Kganyago

The South African Reserve Bank (Sarb) raised its key policy rate by 25 basis points to 6% today (July 23), although the monetary policy committee was divided – two of the six members voted against the hike.

It is a year since the Sarb last increased rates. The central bank had announced a "pause" in the tightening cycle in January after oil prices fell sharply, but has grown steadily more concerned about the inflation outlook in the months since.

Annual CPI inflation rose to 4.7% in June, and go

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