UASA Media Release: 22 January 2025
Statement by Abigail Moyo, spokesperson of the trade union UASA:
Although slightly higher than the November rate of 2.9%, the December consumer price inflation (CPI) rate of 3.0% was less than expected by economists.
The latest inflation rate is at the lowest point of the Reserve Bank’s target range of 3% to 6%, which was first breached in October 2024. Coming ahead of the South African Reserve Bank (SARB) interest decision next week Thursday, consumers are hopeful that the recorded inflation rate will result in a rate cut. However, the fuel price increase may impact the pricing of goods and services, resulting in a stumbling block to anticipated interest rate cuts.
As reported by Stats SA, the average inflation rate for 2024 was 4.4%, much lower than the 6.0% recorded in 2023. The main contributors to the CPI were housing and utilities, food and non-alcoholic beverages.
As we kick-start the year, UASA hopes the current inflation rate trend will remain stable and bring financial relief for workers for the remainder of the year.
We also hope the government, stakeholders and respective business owners have viable turnaround plans to help grow and sustain the economy with booming employment, production and turnaround.
UASA wishes its members and all employers a productive year of economic growth and sustainability.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.