UASA Media Release: 22 November 2023
Statement by Abigail Moyo, spokesperson of the trade union UASA:
Ahead of the Monetary Policy Committee meeting tomorrow afternoon, Stats SA announced that the annual consumer price inflation (CPI) marked a third consecutive increase and is now close to exceeding the SA Reserve Bank’s (SARB’s) targeted band of 3% to 6%.
The CPI increased to 5,9% in October 2023 from 5,4% in September 2023, an increase the MPC must consider for its final repo rate decision for the year.
The CPI increased by 0,9% month-on-month in October while the annual inflation rate of goods was 8,1%, up from 6,8% in September.
The main contributors to the 5,9% annual inflation rate were food and non-alcoholic beverages, housing and utilities, transport and miscellaneous goods and services.
Considering the main contributors to the CPI increase, UASA urges government, businesses and industry partners to consider the needs of cash-strapped workers and investigate the prices of basic services, food, and bare necessities. Basic needs are essential to everyone, and we can’t let consumers slip into more financial dismay as they battle the cost of living.
The “new normal” and the aligned cost of living in a challenged economy make for devastating circumstances many can’t overcome.
Ahead of the festive season, UASA encourages its members and fellow South Africans to be financially responsible with their household incomes as January, with its school expenses, and more unavoidable costs lie ahead.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.