Interest Rate Cut Unlikely Despite Cooling Inflation, Says Neil Roets

Neil Roets, CEO of Debt Rescue, commented on the recent inflation data, indicating that while the slight cooling in inflation is positive, it is unlikely to prompt the South African Reserve Bank (SARB) to cut interest rates in the near future.

SARB’s Focus on Sustainable Inflation Control

Roets explained, “The SARB’s focus is on ensuring inflation is under control and sustainably tracking towards the midpoint of its target range. Given persistent inflationary pressures and the cautious stance of other central banks, like the US Federal Reserve, maintaining the current rate is prudent to stabilise the economy.”

Consumers Struggle Under High Interest Rates

He highlighted the financial struggles faced by consumers due to high interest rates, despite the minor decrease in inflation.

Continued Cost of Living Increases and Financial Distress

“Despite this cooling of inflation, the cost of living continues to increase monthly, albeit at a slower rate. This continues to put immense pressure on households, making it difficult for them to manage their finances. Many consumers are also finding it challenging to keep up with car loans and mortgage payments, leading to an increase in defaults and financial distress, and the risk of legal action on assets,” Roets stated.

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