Lower inflation will bring relief to cash strapped consumers, says Uasa

A slight decrease in headline consumer price inflation this year, dropping to 5.3% in March from 5.6% in February, will bring some relief to consumers, trade union Uasa said.

A slight decrease in headline consumer price inflation this year, dropping to 5.3% in March from 5.6% in February, will bring some relief to consumers, trade union Uasa said.

Published Apr 24, 2024

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A slight decrease in headline consumer price inflation this year, dropping to 5.3% in March from 5.6% in February, will bring some relief to consumers, trade union Uasa said.

Uasa spokesperson Abigail Moyo said the consumer price index increased by 0.8% month-on-month in March 2024. “Stats SA reported that in March 2024, the annual inflation rate for goods was 5.7%, down from 6.2% in February 2024. It was 5.0% for services, up from 4.9% in February 2024.”

Moyo said the inflation remain4e above the 4.5% midpoint of the South African Reserve Bank’s (SARB’s) target. “This is a further disadvantage for consumers as the central bank has been clear that it won’t cut interest rates until inflation is consistently closer to the middle of its 3% to 6% range.”

Moyo said that keeping up with trends, Uasa wished to remind industry players that consumer spending was vital in the economic structure.

“It calls on business owners to consider the financial pressure workers and consumers face when pricing their goods and services.

“Uasa encourages its members and other workers to remember the economic hardships we all face and always remember to save something for tomorrow whenever the interest rate favours their pockets.”

The Mercury