Morning Brief: Higher than expected interest rate hike on the cards

Good morning, here’s what you need to know today.

The higher than expected inflation rate could force the Reserve Bank to hike the interest rate faster. Taxpayers will likely have to foot suspended public protector Busisiwe Mkhwebane’s legal bills. Gordhan says the government needs Solidarity’s help in finding engineers to work at Eskom.

Spike in prices may tilt Reserve Bank towards faster interest rate tightening – Business Day (for subscribers)

With inflation coming in worse than expected in June at 7.4%, marking a 13-year high, it has raised fears that higher fuel and food prices might feed into more price increases across the economy and force the SA Reserve Bank into hiking the interest rate at a faster pace.

The Reserve Bank’s monetary policy committee meets today, where it is expected to raise the repo rate by 50 basis points. Still, after yesterday’s inflation print, the MPC might be inclined to look at a higher rate hike of 75 basis points or more. Read more here.

Mkhwebane impeachment: Taxpayers face paying R130 000 a day for legal team led by Mpofu – News24 (for subscribers)

As suspended public protector Busisiwe Mkhwebane’s parliamentary impeachment trial rolls on, she is racking up further legal costs as she defends herself at the inquiry into her fitness to hold office.

Taxpayers could be paying up to R130,000 a day for Mkhwebane’s five-person legal team with the costs covered by the public protector’s office and with more than 20 witnesses still to be called to testify there are concerns the inquiry will not stay on schedule. Read more here.

Government has sent a letter asking for help at Eskom – here’s what is says – BusinessTech

Public enterprises minister Pravin Gordhan has written to the head of Solidarity, Dirk Hermann, asking that the trade union help the government with finding engineers who can assist with the problems at Eskom.

Hermann said in response, that the union had a list of hundreds of names of people who were willing to help at Eskom and the group is prepared to assist if the government and Eskom are really ready to receive help. Read more here.