By Johannah Malogadihlare
South African political parties and trade union federations have welcomed the drop in the inflation rate, which is at its lowest in four years.
According to Statistics SA, the consumer price index dropped from 3.8% to 2.8% in November.
Although this will be a huge relief for many households, the Congress of SA Trade Unions has called for a further decrease in interest rates when the SA Reserve Bank meets on Thursday.
“Cosatu expects nothing less than a significant cut in the repo rate when the South African Reserve Bank’s Monetary Policy Committee meets on Thursday, given that inflation has been within the Reserve Bank’s target of 3% to 6% since June 2023, and is now well below the target range,” said Cosatu spokesperson Zanele Sabela.
The Democratic Alliance is also pleased about the drop.
“Considering when inflation sat at double digits, this is great news. This attests
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