4.5% is the midpoint of the Reserve Bank's target band, the number it actually steers towards. Above it and rate cuts get harder; below it and they get easier. June 2026 came in at 5.0%.
A YES bid at 66c and a NO bid at 30c meet when they add to 100. That pair funds one contract between them.
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This market resolves YES if the headline consumer price index annual percentage change first published by Statistics South Africa for the reference month is greater than 4.5%. It resolves NO in every other case.
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