Sarb raises rates 25 basis points as inflation rises

MPC votes by four to one for hike, as inflation nears top of target range

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Elske Photography

The South African Reserve Bank’s monetary policy committee ordered a 25 basis point increase in its benchmark rate, by a four-to-one vote on January 27.

The increase is the second consecutive 25bp hike, following an upward move in November, bringing the benchmark policy rate to 4% from January 28. Four of the MPC’s five members voted for a hike and supported no change.

South Africa’s inflation remains within the Sarb’s target band of 3% to 6%, but only barely. Year-on-year inflation reached 5

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