Monthly Rates Dashboard – Sept 2025

The SARB’s response to rising inflation in the context of its push for a 3% inflation target will be a key theme in the coming months. Considering July’s higher CPI reading, SARB MPC members might prefer to keep interest rates slightly higher to anchor inflation expectations closer to the lower target, especially given recent multi-year, above-4% wage agreements by trade unions. While a September interest rate cut is unlikely, ongoing increases in inflation also reduce the likelihood of a cut at the November MPC meeting.