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Stats SAMoneyweb reports that data from Statistics SA (Stats SA) on Wednesday indicated that annual consumer inflation eased to 4.9% in June, after it reached a 30-month high of 5.2% in May.

According to Nedbank’s Group Economic Unit, core inflation increased marginally, up to 3.2% year-on-year (May: 3.1%), as economic activity gradually resumed relative to the strict lockdown in the same month last year. Fuel prices increased by 27.5% in June year-on-year (May: 37.4% and April: 21.4%), according to Stats SA. But, these relatively high rates come off a low base recorded during the second quarter 2020 when fuel prices were depressed. Noting that the cost of living remained high, Uasa spokesperson Abigail Moyo said the trade union was concerned about the effect of inflation on workers. “The main contributors to the 4.9% annual inflation rate were in the basic necessities category such as food and non-alcoholic beverages (NAB), housing and utilities, transport, and miscellaneous goods and services – all inflation drivers that make it hard for workers to make ends meet. The rising cost of basic necessities has many households struggling to cover their household costs,” Moyo noted. Uasa urged government and business owners to consider affordable pricing for basic needs and services. “Thousands of jobs were shed due to the pandemic and the unrest of the past two weeks, which means many are still struggling to make ends meet,” Moyo pointed out.

  • Read the full original of the report in the above regard at Moneyweb
  • Read too, Consumer inflation slows to 4.9% in June, at BusinessLive (paywall access only)

Get other news reports at the SA Labour News home page