Interest rates hike expected on Thursday, fuel prices likely to rise next week
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South Africans will have to endure a little longer. Economists predict an increase in interest rates while the Central Energy Fund expects fuel prices, except diesel, to rise.
Senior economist at Investec Annabel Bishop predicts a 50 basis points interest rate increase on Thursday because of high inflation. Inflation was recorded at 7.2% in December, down 0.2% from November. The inflation rate is still above the South African Reserve Bank’s target range of 3% to 6%.
Last year the repo rate was hiked six times. Bishop says things might slow down this year.
Senior economist at Investec Annabel Bishop predicts a 50 basis points interest rate increase on Thursday because of high inflation. Inflation was recorded at 7.2% in December, down 0.2% from November. The inflation rate is still above the South African Reserve Bank’s target range of 3% to 6%.
Last year the repo rate was hiked six times. Bishop says things might slow down this year.