UASA Media Release: 23 October 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
UASA is pleased with the lower inflation rate as announced by Stats SA this morning, and hopes are high that the South African Reserve Bank’s Monetary Policy Committee will implement another 25 basis points interest rate cut in November.
September’s consumer price inflation (CPI) dipped below 4% for the first time since 2021, to 3.8% from 4.4% in August. This is well below the South African Reserve Bank’s (SARB’s) key target of 4.5%.
According to Stats SA, the main positive contributors to the lower inflation rate were housing and utilities, miscellaneous goods and services, food and non-alcoholic beverages, and alcoholic beverages and tobacco.
Transport was the only negative contributor.
For heavily indebted workers, a cut in the repo rate will bring some relief ahead of the Festive Season after a few difficult years.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.