The Monetary Policy Committee has unanimously decided to keep the repo rate at 8.25%.
The South African Reserve Bank’s Monetary Policy Committee has decided to keep interest rates on hold – in line with market expectations.
The decision follows the Consumer Price Index inflation increase from 5.3% to 5.6% in February, which is near the top of the SARB’s 3% to 6% target range.Core inflation has also increased to 5% in February, pushed higher by services inflation, particularly medical aid costs. With the current dry and hot weather conditions caused by the El Nino weather pattern, there are concerns that food price inflation may increase as the nation is in a critical growing period.
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