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The South African Reserve Bank raised its policy rate by 50 basis points to 8.25%, a 14-year high, and lifted its inflation forecasts for this year and next. The rand hit a new all-time low, falling about 2% on the day.
Some traders had bet on a larger 75 basis point hike.
Higher South African rates slow domestic demand for feed and food, and the weaker rand raises the local cost of dollar-priced feed imports. Both factors affect South African buyers' purchasing of feed inputs.
reuters.comAnait MiridzhanianMay 25, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
