Cash-strapped South Africans are going to face an onslaught of price hikes.
South Africans need to get ready to tighten their belts in April, with a 13-year-high interest rate, electricity price hikes and medical aid contribution hikes heading their way.
Data from Eighty20’s Credit Stress Report for Q4 2022 there were over 800,000 new entrants into the credit market, the highest since the pandemic. The new hike takes the repurchase rate to 7.75% and the prime lending rate to 11.25%, hitting car repayments as well as bond repayments hard. “Economic and financial conditions are expected to remain more volatile for the foreseeable future. In this uncertain environment, monetary policy decisions will continue to be data-dependent and sensitive to the balance of risks to the outlook,” said Kganyago.
The latest hike faced major public backlash, with many South Africans pleading for it not to be approved as they already face a severely unstable electricity supply and constant load shedding.
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