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.
Sharing knowledge about successful negotiations and agreements can strengthen the overall position of workers and trade unions and lead to better outcomes for all.
Increases in the national minimum wage were above inflation from 2021 to 2023, resulting in real wage increases of 1.3% in 2021, 1% in 2022 and 2.6% in 2023. The National Minimum Wage Commission gazetted a medium-term target that requires increases above CPI for the lowest paid workers.
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.