UASA Media Release: 20 November 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
UASA welcomes the lowest Consumer Price Inflation (CPI) recorded since June 2020. The annual consumer price inflation dipped below 3%, down from 3,8% in September 2024 to 2,8% in October 2024, says Stats SA.
The drop presents a strong case for another 25-basis point interest rate cut tomorrow when the South African Reserve Bank’s (SARB’s) Monetary Policy Committee (MPC) makes its final rate announcement of the year. With the CPI finally below the lowest point of the SARB’s target range of 3% to 6%, this brings hope for consumers looking forward to a relaxed festive season.
The CPI decreased by 0,1% month-on-month in October 2024, resulting in a fifth consecutive decrease.
Stats SA reports that the recorded fuel price decrease remains the primary factor behind the low CPI. Petrol and diesel prices were almost 10% cheaper in October than a year before and declined by more than 5% between September and October.
With hopes that the repo rate decision will also favour consumers, this festive season will be the first in a few years where consumers can enjoy themselves without stressing too much about the cost of living.
While the drop in the CPI and anticipated rate cut is pleasing news, UASA encourages its members and all workers to use this opportunity to tackle financial and household needs and save something for tomorrow.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.