21 Feb

UASA Media Release: 21 February 2024

Statement by Abigail Moyo, spokesperson of the trade union UASA:

The high inflation rate and unemployment show South Africa’s economy is unhealthy. The cost of living remains inflationary while workers’ income remains set.

The annual consumer price inflation (CPI) increased to 5.3% in January this year, up from 5.1% in December last year. The consumer price index increased by 0.1% in January 2024.

While this increase is slightly higher than the 5.2% increase projected by economists, UASA is concerned the CPI might signal the start of a spike in interest rates very early in the year.

According to Stats SA, the basic needs, goods and services that all consumers depend on are the main contributors to the CPI, with food and non-alcoholic beverages, housing and utilities, miscellaneous goods, services, and transport contributing the most.

Although 5.3% is still within the central bank’s 3% – 6% range, this current reading is far from the 4.5% midpoint of the Reserve Bank’s target band. The worrying trend in the CPI reading on the Reserve Bank’s targets is the direction the Monetary Policy Committee might take regarding the repo rate going forward.

UASA trusts the National Budget Speech will bring good news and relief to workers. Once again, we urge the government and our leaders to be solution-driven in their quest to lessen our people’s financial burden. We need to get South Africans out of survival mode and into a more acceptable lifestyle.

For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.








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