The annual inflation rate decreased from 6.3% in May 2023 to 5.4% in June 2023. The Consumer Price Index (CPI) increased by 0.2% month-on-month in June 2023.
The 3% increase for office bearers is below average inflation, but what does it mean in Rand terms compared to the 7.5% increase for ordinary workers in the public service?
Inflation tells us something about the buying power of a worker. Effective negotiators need to ensure that workers get regular increases to maintain the buying power of their wages.