UASA Media Release: 11 December 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
According to Stats SA, the annual consumer price inflation (CPI) was 2,9% in November, up from 2,8% in October. The CPI remained unchanged month-on-month in November.
Because the cost of living remains a challenge, many South Africans may simply shrug, despite StatsSA reporting that food inflation is the lowest in 14 years.
Although the inflation rate remains favourable, consumers will benefit significantly if the CPI is kept below the average range. The latest inflation rate remains the lowest point of the Reserve Bank’s target range of 3% to 6%, first breached in October. This is good news for consumers as it will increase pressure on the monetary policy committee to cut rates further. However, the recent fuel price increase may impact the pricing of goods and services during the festive season and prove to be a stumbling block to another interest rate cut.
Fuel prices increased by 0.9% month-on-month in November but were still 13.6% lower than a year before. The annual inflation for food and non-alcoholic beverages was only 2.3%, from 3.6% in October – the lowest inflation rate for the category since December 2010, when it stood at 1.6%.
UASA hopes the current inflation rate trend will bring financial relief for workers during the remainder of the year and into the New Year. With back-to-school and travelling needs awaiting consumers in January, UASA encourages its members and all workers to be money-wise and save their disposable income now that the interest rate favours their pockets.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.