Chasing after Inflationary Winds

SOUTH AFRICA - Report 17 Jul 2014 by Iraj Abedian
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) raised the repo rate by 25 basis points today. Governor Marcus stated that despite the predicament of rising inflation and subdued growth, the SARB remained committed to maintaining price stability. Against this backdrop, the repo rate increases from 5.5% to 5.75% a year (see Graph 1). This time, the MPC saw fit to react to the build-up in inflationary pressures – mainly as a result of a weak rand, elevated administered prices and high (understand above-inflation) wage settlements – essentially confirming that it h...

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