Sarb raises rates and warns of worsening economy

Photo: Elske Photography

The South African Reserve Bank raised its policy rate again on May 25, despite falling headline inflation, and warned of worsening economic conditions.

The Sarb’s five-member monetary policy committee unanimously voted to raise the rate by 50 basis points to 8.25%. This was its tenth consecutive rate hike, making a total of 450bp of increases since November 2021.

Headline inflation is decelerating, but is still above the Sarb’s target range of 3% to 6%. In April, the headline reading was 6.8%

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