Trade union Uasa said that the second consecutive decrease in the annual consumer price index (CPI) from 5.3% in March to 5.2% in April is good news for consumers and workers.
Abigail Moyo, spokesperson for Uasa, said the high cost of essential services and goods remains a huge concern in terms of affordability for consumers and workers with households and families.
“According to Statistics SA, the main drivers of inflation were housing and utilities, miscellaneous goods and services, food and non-alcoholic beverages, and transport, while the consumer price index increased by 0.3% in April 2024. Considering the petrol price increases recorded at the beginning of May, Uasa hopes that this slight decrease in the CPI and marginal decrease in the rand/dollar exchange rate will help with June fuel prices as consumers hope for fuel cuts.”
Moyo added that the inflation rate remains above the 4.5% midpoint of the South African Reserve Bank’s (SARB) target.
“We hope the slight decrease recorded in the past two months will positively impact consumers on the MPC repo rate to be announced next week.
“The ‘new normal’ and the aligned cost of living in a challenged economy make for devastating circumstances many can’t overcome.”
Moyo said that they always remind businesses and stakeholders of consumers’ daily hardships as they try to survive. Consumer inflation remains a considerable contributor to financial pressure on consumers plagued by the high cost of living.
The Mercury