The inflation rate for October increased to 7.6%. and consumers should probably avoid credit this Black Friday, as the repo rate is likely to follow suit.

The inflation rate increased again today and the repo rate will probably follow suit on Thursday with an increase of 75 basis points on the eve of Black Friday, and consumers will hopefully refrain from buying on credit to avoid falling prey to the interest crunch. Economic research group, Oxford Economics Africa, says headline inflation came in slightly hotter than expected at 7.6% in October compared to October 2021, basically dousing expectations of a 50-basis points rate increase, strengthening the group’s forecast for a 75-basis points hike. While the group expects price inflation to remain sticky at elevated levels over…