South African Reserve Bank raises interest rate to 7%, warning that oil shocks, food inflation and global instability could drive prices higher

With low inflation, the monetary policy committee said it is aiming for inflation to settle at 3% — the bottom of its target range — to spur economic growth

Economists are also watching out for whether the central bank will adjust the target for inflation, which for now remains within a 3-6% target band

Despite the global environment becoming less tense since the March meeting, the central bank will remain cautious, economists say

The South African Reserve Bank has warned of an upside risk to the inflation outlook

This was despite the central bank highlighting upside risks to the inflation outlook

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This comes as inflation eased to 4.4% in August, below the midpoint of the Reserve Bank’s 3-6% target band

Consumer inflation remains sticky above the 4.5% midpoint of the central bank’s target range

Movements in headline inflation are a key indicator, but decisions are also influenced by central banks around the world, especially the US Federal Reserve

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Data released on Wednesday showed that the annual rate accelerated to 5.4%, from a previous reading of 4.8%

Switch off lights and appliances when not in use, and reduce the temperature on your geyser, the president said

New interbank payment programme PayShap will benefit consumers and small businesses, helping to reduce reliance on cash and boosting safety and convenience

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The governor of the Reserve Bank asks what role a state bank would play in a country where more than 80% of the population has access to financial services

Food inflation was unchanged at 6.7% in July, but remained elevated on continued upward pressure from prices for meat and the oils and fats category.

Higher international oil prices, for example, could affect local transport costs through second-round effects

Low interest rates usually encourage spending, but uncertainty created by the pandemic has driven people to save their cash in hard times

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