South Africa hikes rate as inflation outlook deteriorates
South African Reserve Bank lifts key rate by 25bp to 6% on a 4-2 vote
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
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