UASA Media Release: 19 July 2023
Statement by Abigail Moyo, spokesperson of the trade union UASA:
The considerable decrease in headline consumer price inflation in June to 5,4% from 6,3% in May brought much relief to workers and consumers as this paints a positive picture of the affordability of basic needs and services.
This is the lowest reading in 20 months. Falling within the SA Reserve Bank’s 3-6% target range further supports the view that the bank might keep the repo rate steady at its Monetary Policy Committee’s repo rate announcement tomorrow.
Stats SA reported that food inflation eased to an 11-month low of 11% compared to 11.8% in May. Other notable price changes in June include annual transport inflation, which fell from 7% in May to 1.8% due to a decrease in fuel prices. We hope fuel prices will continue to decrease and favour consumers.
June’s CPI reading is below the Thomson Reuters consensus of 5.6%.
UASA is pleased with the current trend of the decrease in the CPI and urges government, businesses and industry partners to continue being considerate to consumers when pricing basic services, food and bare necessities.
UASA encourages its members and other workers to remember the economic hardships we all face and always remember to save something for tomorrow whenever the interest rate favours their pockets.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.