Sarb hikes rates as inflation continues to rise

The South African Reserve Bank
Elske Photography

The South African Reserve Bank raised its policy rate on November 24, after a majority of rate-setters backed the larger of two increases.

The 75 basis point rise took the benchmark repo rate to 7%. Three members of the monetary policy committee voted for this, while the other two favoured a 50bp rise.

Year-on-year inflation reached 7.6% in October, marginally up from the 7.5% recorded the previous month. This was the sixth consecutive month that South African inflation was above the Sarb’s 3

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