Two more interest rate increases on the cards for South Africa in 2026

• Yes, two more interest rate increases are expected for South Africa in September and November 2026.
• The Reserve Bank's Monetary Policy Committee has been surprised by higher-than-expected inflation, which has become entrenched in the economy, driven by rising fuel prices and their ripple effects on other sectors.
• The expected interest rate hikes are likely to suppress demand for lending and consumer spending, aiming to bring overall inflation lower, but may also weaken the rand and increase the cost of imports.