Economists send warning to consumers in South Africa after rate hike

The increase means that the repo rate will now be 6.25% per year from 23 September 2022, with prime now at 9.75%.

The central bank wants to more firmly anchor inflation expectations close to the 4.5% midpoint of its target range and “to increase confidence of hitting the inflation target in 2024,” Kganyago said. “This is an ideal time for consumers and businesses to take advantage of higher investment rates and minimise consumption-driven credit usage.”

“The continuation of aggressive rate increases is partly underpinned by aggressively tightening global financial conditions, the weaker domestic currency and domestic wage pressures as workers demand higher wages to compensate for the higher cost of living,” said Matikinca-Ngwenya. Following the South African Reserve Bank’s decision to increase its repo rate by 0.75%, FNB will raise its prime lending rate by 0.75%. The prime rate-linked interest rates will be adjusted from Friday 23 September 2022.

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