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‘Reserve bank could hike interest rates again’

CPI for the month of January showed prices on the shop shelf rose by 6.2 percent year on year.

Picture: Christa Eybers/EWN.

CAPE TOWN - New figures released by Statistics South Africa (Stats SA) today show Consumer Price Inflation (CPI) has now breached the Reserve Bank's target range of between three and six percent, which may mean the Reserve Bank may hike interest rates again.

CPI for the month of January showed prices on the shop shelf rose by 6.2 percent year on year.

The bank has already raised rates this year.

Investec chief economist Annabel Bishop says this will have an impact on the way the bank's monetary policy committee looks at interest rates.

"I think the Reserve Bank is looking forward to more interest rate hikes this year. I certainly anticipate them doing another 75 basis points at the very least, possibly they might not move at the MPC meeting because the rand has pulled back."