The Reserve Bank is also expected to announce another interest rate hike on Thursday.
“We expect the inflation rates to increase slightly to 5.9% from 5.7% and the main drivers will be high fuel prices and insurance. We are likely to get a petrol price increase of R2 a litre and diesel increasing by around R3 a litre. So those would keep inflation higher for longer and food price pressures are due to be affected by the Russia-Ukraine conflict. So inflation is likely to remain sticky around six percent over the next few months.”
Price Increases I Cost of living for ordinary households strained: