The Incapable ANC government is responsible for the SARB needing to hike rates
24 November 2022
Note to editors: Please find attached soundbite by Dr Dion George MP.
Today the Reserve Bank Monetary Policy Committee (MPC) announced that the repo rate will be increased by 75 basis points. This means that the cost of servicing debt will increase and reduce disposable income at a time when South African households are already battling a government induced cost-of-living crisis.
The announcement comes as a measure to contain the unprecedent levels of inflation consumers have experienced in recent months. The shocking inflation statistics released yesterday by StatsSA revealed that year on year food prices increased by 12% while transport prices increased by 17%.
The price of bread, a basic food item, has increased by nearly 20%.