UASA Media Release: 18 September 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
UASA is pleased that August’s consumer price inflation (CPI) has finally dipped below the South African Reserve Bank’s (SARB’s) key target of 4.5%, cooling to 4.4% from 4.6% in July.
Workers are hopeful that the reported CPI rate should seal the deal for an interest cut announcement by the SARB’s Monetary Policy Committee tomorrow, with most economists predicting a 25 basis point cut in the repo rate to 8%.
According to Stats SA, easing transport, housing, restaurant and hotel prices pushed the August consumer inflation rate down whilst in contrast, inflation for food & non-alcoholic beverages (NAB) and alcoholic beverages & tobacco edged higher.
For those that are heavily indebted, a cut in the repo rate will bring some relief and the anticipated further successive cuts will further ease financial pressures on already cash strapped workers and consumers.
The anticipated rate cut will be the first in over 4 years.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.