UASA Media Release: 18 March 2026
Statement by Abigail Moyo, spokesperson of the trade union UASA:
Statistics South Africa announced this morning that annual inflation slowed to 3% in February from 3.5% in January, partly due to delayed increases in medical aid rates.
While the 3% Consumer Price Index (CPI) is good news, the looming oil price crisis set to impact South Africa in the coming months will soon overshadow it. The volatile global energy markets, driven by ongoing conflict in the Middle East, threaten to reverse recent progress in curbing inflation. Surging oil prices are expected to undermine these gains as external factors, and particularly energy prices, are beyond the country’s control.
The SARB will likely maintain current interest rates at its next Monetary Policy Committee meeting, as escalating oil prices push inflation expectations higher, and may signal revised inflation forecasts at its upcoming meeting, highlighting the urgency for workers to prepare for ongoing economic uncertainty.
Other contributors to the lower CPI were housing and utilities, which accounted for 1.1 percentage points of the headline rate. Food and non-alcoholic beverages stood at 3.7%, and insurance and financial services at 4.7%.
With fuel prices set to soar and inflation expectations rising to 5.4% for the next year, workers face a tough road ahead. The sharp rise in fuel prices predicted for April will have a knock-on effect across other goods and services, for an unknown period. UASA advises workers to brace themselves for severe price shocks amid the anticipated surge in living costs.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.