As consumers will have less cash to spend, businesses will suffer from decreased demand and some might be forced to retrench workers or close down.
The inflation was mainly skyrocketing due to the rising fuel and wheat prices, mainly caused by the war between Russia and Ukraine. Trade unions had argued that raising interest rates by 75 basis points would leave households with little cash to spend and, as a result, businesses would be negatively impacted.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.