UASA Media Release: 22 June 2022
Statement by Abigail Moyo, spokesperson of the trade union UASA:
The upward hike in the Consumer Price Index (CPI) from 5,9% in April 2022 to 6,5% in May 2022 as announced by Statistics SA this morning is staggering and is now exceeding the upper limit of the South African Reserve Bank’s monetary policy target range of 6%.
This clearly shows how workers are bearing the brunt of higher prices for basic goods and services as business owners and industry partners work to sustain their businesses against a background of hefty fuel price increases. The price of fuel is now almost 27% higher than in May 2021.
The main contributors to the 6,5% annual inflation rate were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services. Food and non-alcoholic beverages increased by 7,6% year-on-year contributing 1,3 percentage points to the total CPI annual rate of 6,5%. Housing and utilities increased by 4,9% year-on-year contributing 1, 2 percentage points.
Fuel prices are expected to again increase in July which means increased upward pressure on food inflation and basic services. Workers are struggling. Disposable salaries are shrinking day by day. UASA believes that government can and must do something to remedy the harsh circumstances that our people are subjected to, urgent action amongst others is required in reducing levies and taxes on fuel and creating sustainable decent employment.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.