South Africa central bank raised its benchmark interest rate by 50 bps to 7.75%, marking the ninth consecutive rate hike. The markets had expected a 25 bps increase. Borrowing costs have now reached their highest level since May 2009. The headline inflation for 2023 was revised upward to 6% from 5.4% due to higher prices of core goods and food. However, food and fuel inflation are expected to ease, leading to a headline inflation forecast of 4.9% for 2024 and 4.5% for 2025.