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May 27 2012 11:21
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May 27 2012 11:49
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Pretoria - The SA Reserve Bank's Monetary Policy Committee (MPC) has raised the repo rate by 50 basis points to 11.5%, in a decision billed a close call by economists.
This is the ninth time the MPC has raised interest rates since June 2006, with January 2008 being the only pause in the consistent tightening cycle.
Despite this, consumer price inflation excluding mortgages (CPIX) has breached the upper end of the Reserve Bank's 3-6% target range every month since April 2007.
Inflation has been driven by rising international food and fuel costs, while consumer spending has eased, as evidenced in lower vehicle and retail sales figures.
- Fin24