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The recent sharp increase in consumer price inflation (CPI) as announced by Stats SA is reason for concern in terms of possible further interest rate hikes and the effect on workers’ overall cost of living.

Stats SA said today that annual consumer price inflation marked 5.4% in September from 4.8% in August – the second consecutive increase.

The main contributors to the increase were food and non-alcoholic beverages, which increased 8.1% year-on-year, housing and utilities, miscellaneous goods and services and transport. The CPI increased by 0.6% month-on-month in September 2023, while the annual inflation rate of goods was 6.8%, up from 5.6% in August.

The continuous increase in fuel and food prices, relatively low or no salary increases, as well as the highest interest rates in more than a decade have become a living nightmare for many.

Ahead of the Medium Term Budget Speech on 1 November, UASA hopes Finance Minister Enoch Godongwana will table proper, viable, and sustainable economic solutions to bring relief to the country’s unemployed and cash-strapped workers. We must rid ourselves of this economy that is not conducive to living a normal and affordable life.

Government and relevant stakeholders are failing workers. Households’ disposable incomes continue to shrink and there doesn’t seem to be a single viable and practical solution on the table.

South Africans need government to come up with a concrete turnaround plan for economic recovery and the persistent high levels of unemployment. This should be the core mandate to the growth and sustainability of our economy.

Issued by spokesperson of the trade union UASA, Abigail Moyo