Another interest rate hike expected on Thursday

JOHANNESBURG - Expect another interest rate hike this week.

Analysts say the Reserve Bank won't back down just yet on its hiking cycle which started in November 2021.

Inflation is slowly dipping, but at 7.2 percent it remains well above the bank’s target band.

WATCH: Interest rates | No cuts expected in 2023

The Reserve Bank uses interest rates as an instrument to curb inflation.

Consumers have been hit with consecutive rate hikes at every announcement last year.

The prime lending rate at retail banks is currently at 10.5 percent.