The South African Reserve Bank will hike the repo rate for the last time in the current cycle on Thursday, then the hit brakes. But with the bank’s hiking cycle not expected to turn anytime soon, consumers can expect interest rates to remain at the current high level for some time. That’s the expectation of most economists who spoke to Moneyweb ahead of this week’s Sarb Monetary Policy Committee meeting.
It lists among some of the risks that have worsened since Sarb’s last meeting in March surging food inflation and load shedding, with no relief in sight during the peak demand winter season. The bank’s economists say a 25bps hike will be sufficient to tame inflation “given that domestic demand is faltering and pockets of financial strain are emerging among consumers”.
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