Indebted consumers hit by second consecutive rate hike
The Reserve Bank's Monetary Policy Committee has decided to increase the repo rate by 25 percent basis points to 4%.
It's the second consecutive hike after rates were kept unchanged for the most part of last year.
Reserve Bank Governor Lesetja Kganyago says inflation remains a concern.
"The risks to the inflation outlook are assessed to the upside. Global producer price and food price inflation continued to surprise higher in recent months and could do so again.
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"Oil prices increased strongly through 2021 and are up sharply year to date. Current oil prices sit well above forecasted levels for this year.
"Electricity and other administered prices continue to present short- and medium-term risks."
