South Africa's repo rate is expected to remain unchanged at 7.0 percent when the decision is made on Thursday, according to 14 leading economists surveyed by I-Net Bridge.

Interestingly, a strict majority of 13 of the 14 economists expects an unchanged stance, with the notable exception of Nedbank — the lone voice calling for a 50 basis point cut.

Colen Garrow from Brait probably summed up the general opinion when he told I-Net Bridge: "As much as I'd like rates to be cut again, it looks like the electricity hikes coming next year have dashed that happening. No change this week I'm afraid to say."

Concerns remain around above-inflation wage settlements of seven percent-13 percent and recent strike action that could have costly economic repercussions. Eskom is likely to be granted increases of 45 percent over three years, which will be inflationary, following the recent 31 percent increase that is already taking its toll on consumers.

The strong rand over the last few months is also likely to weigh on the MPC deliberations and the market will be quite interested to hear their future outlook for inflation and the economy. Long-term bonds are already starting to weaken in the face of a lack of a long-term shortage of capital and higher inflation down the line.

The decision will be made shortly after 3pm on Thursday 22 October.

This will be Governor Tito Mboweni's final MPC decision as he is due to leave office on 1 November with the reins being taken over by Gill Marcus.

I-Net Bridge

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