South Africa hikes rates for first time since 2023 - Businessday NG

Reserve Bank hikes interest rate for first time since 2023 as oil shock, inflation risks mount

South Africa's Reserve Bank hiked the repo rate 25bp to 7% — first increase since 2023 — as oil near $100/barrel drove CPI to 4% and fuel inflation surged 11.4%. The move tightens business credit and household budgets; the bank's models project one more hike this quarter, with a worst case of three additional increases if inflation tops 6%.