Though still down from the 2022 high of R15,614 in February and still 1.0% lower compared to a year earlier, a 2.3% increase was recorded compared to the preceding month.<\/p>\n
For the year to date, however, salaries have lagged compared to average headline inflation, said BankservAfrica.<\/p>\n
\u201cIt appears that the average salary has stabilised somewhat in August,\u201d said independent economist Elize Kruger. \u201cFrom a year-to-date perspective, however, salaries have lagged compared to average headline inflation.\u201d<\/p>\n “In line with our expectation, consumer inflation moderated slightly off the 13-year high of 7.8% reached in July, to 7.6% in August. The moderation was driven by lower fuel prices, but the notably higher food prices offset the impact somewhat.<\/p>\n “The South African Reserve Bank also hiked the benchmark interest rate by a further 75bps in September and signalled that more hikes could be on the cards, clearly signalling that the average salaried person\u2019s finances are likely to remain strained. This is reflected in the 8.0% y\/y decline in the real average salary recorded in the BTPI in August.<\/p>\n “However, as we forecasted that July\u2019s 7.8% headline CPI print would be the upper turning point of the current inflation cycle, the pressure should start to alleviate somewhat as inflation moderates towards year-end. We forecast that inflation could be around 6.6% by year-end,” Kruger said.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2022\/09\/BankServAfrica1.png\")
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