{"id":54846,"date":"2023-10-10T18:21:53","date_gmt":"2023-10-10T18:21:53","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists"},"modified":"2023-10-10T18:35:14","modified_gmt":"2023-10-10T18:35:14","slug":"south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists","title":{"rendered":"South Africa can expect another interest rate hike in 2023, say economists"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for South Africa, which are now predicting a 25 basis point hike in November 2023.<\/p>\n

BofA economists Tatonga Rusike and Mikhail Liluashvili noted that several risks stemming from oil, food, and currency exchange rates have put renewed pressure on the inflation outlook for South Africa, which has resulted in its revised forecast.<\/p>\n

\u201cHigher oil prices and an outbreak of bird flu \u2013 leading to shortages of poultry products \u2013 will likely raise food prices in the near future,\u201d they said.<\/p>\n

\u201cOil prices are also close to $90 per barrel, while USDZAR is weakening near-term. A strong USD to year-end means a weaker ZAR as global interest rates are set to stay higher for longer. Near-term fiscal risks are likely concerning for the SARB as well,\u201d they added<\/p>\n

The economists noted that they now estimate headline CPI will reach 5.2% in September and 5.7% in October \u2013 averaging 5.6% in the fourth quarter of 2023.<\/p>\n

\u201cWe now expect CPI of 5.5% at year-end 2023 compared to 5% in our previous baseline associated with a dovish outlook for monetary policy,\u201d they said.<\/p>\n

\u201cThe South African Reserve Bank (SARB) is likely to hike rates by another 25 basis points at the November MPC before initiating cuts in the second quarter of 2024.<\/p>\n

\u201cThis means the repo rate will reach 8.5% before cumulative cuts of 50 basis points in 2024 and 100 basis points in 2025. We now see inflation returning to 4.5% only in 2025. CPI is likely to average 5.3% in 2024,\u201d the economists said.<\/p>\n

The BofA revised outlook for South Africa is in line with those of the Bureau for Economic Research (BER), which noted that the rand\u2019s losses last week \u2013 a 3% decrease versus the US dollar \u2013 intensified concerns about the deteriorating inflation outlook.<\/p>\n

\u201cWith this in mind, there is a rising probability that the SARB\u2019s MPC will increase the repo rate by another 25 basis points (to 8.50%, prime rate to 12%) at its next meeting on 23 November,\u201d the BER said.<\/p>\n

source:businesstech<\/b><\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for South Africa, which are now predicting a 25 basis point hike in November 2023. BofA economists Tatonga Rusike and Mikhail Liluashvili noted that several risks stemming from oil, food, and currency exchange rates have […]<\/p>\n","protected":false},"author":84,"featured_media":54845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[274,315,275],"class_list":["post-54846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nSouth Africa can expect another interest rate hike in 2023, say economists - South Africa<\/title>\n<meta name=\"description\" content=\"Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for Sout ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Africa can expect another interest rate hike in 2023, say economists\" \/>\n<meta property=\"og:description\" content=\"Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for Sout ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-10T18:21:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-10T18:35:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"South Africa can expect another interest rate hike in 2023, say economists\",\"datePublished\":\"2023-10-10T18:21:53+00:00\",\"dateModified\":\"2023-10-10T18:35:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\"},\"wordCount\":348,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\",\"name\":\"South Africa can expect another interest rate hike in 2023, say economists - South Africa\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg\",\"datePublished\":\"2023-10-10T18:21:53+00:00\",\"dateModified\":\"2023-10-10T18:35:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for Sout ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg\",\"width\":1024,\"height\":683,\"caption\":\"South Africa can expect another interest rate hike in 2023, say economists\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/south-africa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"South Africa can expect another interest rate hike in 2023, say economists\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/\",\"name\":\"South Africa\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"South Africa can expect another interest rate hike in 2023, say economists - South Africa","description":"Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for Sout ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists","og_locale":"en_US","og_type":"article","og_title":"South Africa can expect another interest rate hike in 2023, say economists","og_description":"Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for Sout ...","og_url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists","og_site_name":"South Africa","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-10-10T18:21:53+00:00","article_modified_time":"2023-10-10T18:35:14+00:00","og_image":[{"width":1024,"height":683,"url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"South Africa can expect another interest rate hike in 2023, say economists","datePublished":"2023-10-10T18:21:53+00:00","dateModified":"2023-10-10T18:35:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists"},"wordCount":348,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg","keywords":["Africa Press","Africa Press-South-Africa","South-Africa"],"articleSection":["all news","files"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists","url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists","name":"South Africa can expect another interest rate hike in 2023, say economists - South Africa","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg","datePublished":"2023-10-10T18:21:53+00:00","dateModified":"2023-10-10T18:35:14+00:00","author":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Economists at the Bank of America (BofA) have joined other experts in revising their interest rate expectations for Sout ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#primaryimage","url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg","contentUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/10\/sm_1696950199.186716.jpg","width":1024,"height":683,"caption":"South Africa can expect another interest rate hike in 2023, say economists"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/south-africa-can-expect-another-interest-rate-hike-in-2023-say-economists#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/south-africa\/"},{"@type":"ListItem","position":2,"name":"South Africa can expect another interest rate hike in 2023, say economists"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/south-africa\/#website","url":"https:\/\/www.africa-press.net\/south-africa\/","name":"South Africa","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/54846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/comments?post=54846"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/54846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media\/54845"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media?parent=54846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/categories?post=54846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/tags?post=54846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}