S. Africa hit with bigger-than-expected rate hike
STORY: South Africa’s economy has been battered by rolling power cuts.
Last month then saw consumer inflation edge up to 7%, suggesting the energy shortages may be fuelling price pressures.
On Thursday (March 30) the next consequence arrived.
South Africa’s central bank lifted rates by half a percentage point.
That was double the increase forecast by economists, and took the benchmark to 7.75%.
It was its ninth rise in a row, and the bank has now added a total four and quarter percentage points to the repo rate.
Governor Lesetja Kganyago said electricity, fuel and food prices were the main drivers behind inflation.
And he said the prospects for growth looked more uncertain than ever.
Kganyago said a reduction in power cuts, or increased energy supply from other sources, would be sure to boost the economy.
The central bank targets an inflation rate of between 3-6%.
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