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Cash-strapped consumers had been already feeling the pain of record high petrol and food prices, which are fueling inflation.
The ailing rand against the dollar amid an emerging market sell-off had increased the risk for an interest rate hike. Turkey, which is particularly hard hit by the sell-off, had sharply increased interest rates to protect its currency.
15:39 See how much more you'll pay on your mortgage with our bond calculator
15:36 Dr Andrew Golding, chief executive of the Pam
Golding Property group: "While
inflationary concerns and global economic impacts remain in the spotlight, the
Monetary Policy Committee’s stance to increase the repo rate stable was
unexpected, particularly given the sluggish economic growth currently
experienced in South Africa."
15:35 First reactions from property sector: Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty says was to be exdpected
15:23 Will repo increase help to support the rand?
Marcus: Rand bears the burden of the adjustment so this move is not intended to affect the exchange rate.
15:22 Questions on why the rates hike
15:20 Sarb's primary aim is to keep inflation under control.
MPC has decided to increase repo rate by 50 basis points.
15:19
15:13 Growth outlook remains of concern.#GillMarcus: Risks to inflation forecasts are to the upside. The growth outlook is of concern. Few jobs are being created. #interestrates
— Business Report (@busrep) January 29, 2014
Current account outflows and account deficit remain challenges.
15:13 Risks to inflation forecast seem significantly on the up side.
15:11 Exchange rate impact on petrol price has been almost immediate.
30c per liter petrol price increase can be anticipated for February.
15:09 Food prices have been main contributor to surprise inflation trend.
15:08 Recovery is uneven globally; Outlook for EU remains fragile and uneven, especially in the south; Outlook for Chinese economy is increasingly uncertain
15:07 Inflation is expected to peak in final quarter in the year; financial analysts have lowest forecasts.
15:05 Headline inflation forecast has deteriorated mainly due to rand.
15:03 Inflation forecast shows marked deterioration: petrol price is main contributor
15:03 Very difficult tradeoffs for emerging markets
15:01 Gill Marcus starts speaking
14:50 I have a feeling #rates might just rise today. 25 economists said no. That was before Turkey panicked. All bets are off - despite elections, tweets Bruce Whitfield.
