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The start of a rate hiking cycle, while inevitable, is never pleasant. The hiking cycle the SA Reserve Bank has just embarked on could prove to be one of the more unpleasant in recent history.

The Bank’s monetary policy committee (MPC) decided to raise the repo rate 25 basis points to 3.75%, and its quarterly projection model predicts that hikes of 25 basis points at each of the MPC meetings in 2022 and 2023 will be necessary to contain inflation to the 4.5% target. This heralds a hawkish few years for economic actors and will negatively affect investment decisions in the months ahead...

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