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The SARB raised its repo rate by 50 basis points to 7.75%, the ninth consecutive hike, confounding expectations of 25 basis points. The rand rallied from 18.00 to about 17.85 per dollar after the announcement, and food inflation hit a 14-year high of 13.6%.
Higher domestic rates and a firmer rand together reduce the cost of imported feed ingredients, while high food inflation signals strong domestic demand for animal protein.
dailymaverick.co.zaEd StoddardMar 30, 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.
