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The SA Reserve Bank (SARB) is looking at increasing the interest-rates hiking cycle in a bid to tame the high inflation as food prices rose the highest in 14 years
The SA Reserve Bank (SARB) is looking at increasing the interest rates hiking cycle in a bid to tame the high inflation as food prices rose the highest in 14 years.
Data from Statistics South Africa (StatsSA) released last week showed that the headline consumer price inflation (CPI) rose for the second month in a row in March, which could force the SARB for another interest rate hike in May.
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StatsSA said inflation edged higher to 7.1% year-on-year in March, from 7.0% in February and 6.9% in January as against market expectations of a 6.9% drop. Inflation is above the upper limit of the SARB’s target range of 3%-6%. Core inflation was flat at 5.2% year-on-year, and had monthly pressure of 0.8%.
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