How policy continues to fail South Africans
To curb inflation, the South African Reserve Bank (SARB) raised interest rates by 4.75% to a 14-year high of 8.25%. Following the various shocks that our economy faced throughout COVID-19, inflation breached the upper limit of the SARB’s target range for 13 consecutive months, which led to the SARB tightening monetary policy since November 2021.