Today's Labour News

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Stats SABusinessLive reports that annual consumer inflation ticked up slightly in February to 4.6%, from 4.5% in January, to reach its highest level in over a year, data from Statistics SA showed on Wednesday.  

“Even though inflation has increased in February, global concerns pertaining to Covid-19 and the decline in the price of oil is likely to have a deflationary effect going forward,” said Luigi Marinus, portfolio manager at PPS Investments.  The uptick notwithstanding, there is growing expectation that the SA Reserve Bank could move to make a steep than usual interest rate cut on Thursday, particularly as inflation is likely to be more subdued in the fallout from the virus.  Though a cut in interest rates is expected to bring a level of relief to consumers and businesses, it is unlikely to be enough to turn economic activity around, which was already weak before the virus hit.  The government has, however, promised a package of economic measures to aid the economy — despite limited state resources for a fiscal stimulus.

  • Read the full original of the report in the above regard by Lynley Donnelly at BusinessLive

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