Sarb hikes rates as inflation continues to rise
MPC votes by three to two for 75bp rise as Kganyago warns power cuts are harming economy
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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