What 24 years of CPI and Repo Rate data reveal about the timing of South African monetary policy A descriptive macroeconomic analysis prepared for online publication July 2026 When inflation rises, it's tempting to assume that raising interest rates brings it straight back down. A review of 24 years of monthly data from Stats SA and the SARB shows the relationship is real but not simple — and that timing matters more than intuition suggests. The headline findings The overall