Trade Union, the United Association of South Africa has called for a repo rate cut ahead of this afternoon’s announcement by the South African Reserve Bank, saying this will help stimulate the economy because it will mean consumers saving on debt repayments and leave a larger chunk of their salary as disposable income. This as Statistics SA announced on Wednesday that inflation over the last year fell to an average of 3.3%, the lowest rate since 2004, due to the havoc wreaked by the Covid-19 pandemic putting pressure on oil prices and a drop in consumer spending. The 3.3% is well below the average of the SARB 4%-6% target range and opens the door for a rate cut, said the Union’s acting spokesperson, Abigail Moyo.
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