S. African central bank imposes another steep rate hike

AFP :
South Africa’s central bank on Thursday raised its benchmark interest rate again by a steep 0.75 percentage points to tackle high inflation.
The latest increase takes the minimum lending rate to seven percent after six consecutive rate hikes.
The bank’s monetary policy committee “decided to increase the repurchase rate by 75 basis points to seven percent per year,” South African Reserve Bank governor Lesetja Kganyago told a news conference. Inflation breached the upper end of the bank’s target range (between three and six percent) in the second quarter of this year to reach a peak of 7.8 percent in July.