Some economists say the Central Bank is expected to raise interest rates when it announces the outcome of its Monetary Policy Committee on Thursday afternoon. This is because the cost of living continues to rise.
CPI, to measure the rate of price changes, remained higher in April at 5.9% between years.
Food, housing, utilities and transportation were the main options.
FNB economist Koketso Mano says the consequences of the Russia-Ukraine conflict are worrying.
“Food and alcoholic beverages have also continued to increase, now being 6% between years and the monthly pressure is 0.7%. Net inflation has contributed, we also see that oils and fats are very much related to what we are seeing in the international arena, given that Russia is one of the largest suppliers of our palm oil and that is why we see that pressure coming through there as well. and it’s unfortunate that From now on we will continue to see inflationary pressures and you would know that the current petrol price which is recovering is recovering and it just adds up and all this together means that June will be a steep month.
The CEO of 3Sixty Global Solutions Group, Khandani Msibi, says that inflation of 5.9% is devastating.
Msibi says that citizens are in a very difficult situation:
The Central Bank is expected to raise interest rates: Economists – SABC News
Source link The Central Bank is expected to raise interest rates: Economists – SABC News