
UASA Media Release: 24 July 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
UASA is pleased that the consumer price inflation (CPI) for June was in line with economists’ expectations and forecast for inflation, which eased to a low level.
As per Stats SA, the CPI was 5.1% in June 2024, down from 5.2% in May 2024. The CPI decreased by 0.1% month-on-month in June 2024.
The month’s reading, the lowest since September 2020 at the peak of the Covid-19 lockdowns, indicates a welcome relief for consumers. Contributing to the change was a 4.6% rise in the food and non-alcoholic beverages category, which was the slowest gain since September 2020.
The data supports the South African Reserve Bank’s (SARB’s) improved inflation outlook, which now sees the CPI leaning below the 4.5% midpoint of its target range in the fourth quarter. The continuous easing of the inflation rate is expected to positively influence the next repo rate decision of the SARB’s Monetary Policy Committee, resulting in financial relief for consumers.
UASA hopes, as the CPI cools down, lower fuel prices and food inflation will also bring consumer relief. We urge businesses and stakeholders to be considerate of consumers’ hardships when pricing goods and services.
We take note of employers who have managed to sign viable collective bargaining agreements ensuring that despite the economic challenges, their employees receive financial benefits that align with the high cost of living.
For further enquiries or to set up a personal interview,contact Abigail Moyo at 065 170 0162.