The SA Reserve Bank raised interest rates for a second consecutive meeting as it moves to normalise policy from historical lows in a context in which a spike in inflation is prompting counterparts in developed markets to do the same.
Bank governor Lesetja Kganyago warned that food price inflation had come in higher than expected of late. The bank’s decision came a day after the US Federal Reserve provided the clearest indication yet that it was ready to hike interest rates, but stopped short of indicating how aggressive its tightening would be.
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