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Food, energy contribute to rates hike
Rising food and energy costs have been flagged as the main contributors to the Monetary Policy Committee's (MPC) decision to hike the repo rate by the expected 50 basis points to 10%, writes Michael Appel. This is the highest level inflation has reached since September 2003.
“Having considered recent developments, the MPC has decided that a further adjustment in the monetary policy stance is required in order to ensure that CPIX inflation returns to within the target range,” said Xolile Guma, deputy governor of the Reserve Bank in Pretoria on last Thursday, 16 August 2007. “Accordingly, the repo rate is adjusted by 50 basis points to 10% per annum with effect from 17 August 2007.”
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