South African consumers heading into Black Friday will be doing so against a backdrop of elevated living costs, high fuel prices and uncertainty over interest rates, with the South African Reserve Bank’s next monetary policy decision scheduled just eight days before the annual shopping event. The Reserve Bank’s Monetary Policy Committee (MPC) is due to announce its next interest rate decision on November 19, ahead of Black Friday on November 27. With the repo rate already at 7.25% following two increases this year, the possibility of another hike adds to the financial pressure facing households as they weigh up seasonal spending. The prime lending rate currently stands at 10.
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