Consumers should brace for an average headline CPI around 7% for the second half of 2022, which will further erode purchasing power.
The dismal economic environment and inflation is clearly affecting salaries as rocketing inflation rates takes its toll on the average salaried worker. Salaries struggled to keep pace with high inflation in June, the second consecutive month that nominal salaries remained below the R15 000 mark, 1.8% lower than a year ago.
“The BTPI showed that the average nominal salary has been moderating notably from R15 570 in February to R14 600 in June 2022,” says Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements.Negative year-on-year growth in salaries “With consumer inflation forecast to increase further in July before reaching an upper turning point, more pressure can be expected on consumers and the economy at large.”
The BankservAfrica Private Pensions Index showed that the average nominal private pension reached R10 000 per month for the first time, growing by 9.1% on a year-on-year basis, Naidoo says. In real terms, the average real private pension was R9 673 per month, 1.5% higher than a year earlier.
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