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The Reserve Bank still believes that a gradual increase in SA’s interest rates will be enough to keep inflation in check — but it cautioned on Thursday that this might have to change if the Federal Reserve moved faster than expected to tighten monetary policy and if global market conditions became more volatile.

This came as the Bank’s monetary policy committee voted four to one to increase the official repo rate by 25 basis points (bps) to 4%, as expected, raising its inflation forecast for this year sharply to 4.9% mainly on higher oil prices, and for next year to 4.5%...

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