The SA Reserve Bank is likely to hold off on hiking interest rates in 2021 despite consumer inflation reaching a 30-month high in May. Most economists have said the spike in the gauge was due to prices normalising from unusually low levels in 2020.

That’s despite hawkish comments from Federal Reserve chair Jerome Powell last week that many interpreted as a signal that US rates may rise sooner than previously expected. Powell's comments prompted a sell-off in the rand that saw it retrace from stronger than R13.50/$ last week to about R14.18/$ on Wednesday...

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