Wage ‘price spiral’ warning for South Africa

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Wage ‘price spiral’ warning for South Africa
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South Africa’s employment problems go beyong high levels of joblessness.

The South African Reserve Bank says that although the country has a high unemployment rate, the labour market for high-skilled jobs has always been tight.

In its latest Monetary Policy Review, the central bank reported on the tight labour market and inflation in a global context – focusing specifically on the United States but also domestically. South Africa’s inflation rates have already surpassed the target range of 3%-6% set by the SARB, primarily due to stubbornly high food inflation and elevated fuel prices.

SARB noted that given the sharp inflation levels, the elevated expectations and an adaptive wage setting, material risks attach to the real wage growth outlook, with implications for monetary policy.real wages have, on average, declinedIn February 2023, Statistics South Africa’s latest Quarterly Labour Force Survey for the final quarter of 2022 showed a slight drop in the country’s unemployment rate.

Although unemployment is exceptionally high, open positions requiring highly skilled South Africans are becoming harder to fill.

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