What does the increase in repo rate mean?

Many of us have been asking what the increase in interest rates means to ourselves.
Most likely we will be paying a little more on higher and more long-term purchases such as a home and car loans. Also, Moody's remains the only one of the three major credit-rating agencies that still assesses South Africa's debt at investment grade.
This after S&P kept the country's credit ratings at below investment level.
To discuss this, we are I'm joined by Azar Jammine, Chief Economist at Econometrix.