South Africa's headline consumer inflation increased to 5.3% in January, driven by factors such as food, housing, utilities, and transport. The Executive Mayor of Nelson Mandela Bay held a meeting to address the risk of losing R542 million due to underspending. Finance Minister stated that Transnet must repay its debt before receiving any bailout funds.
South Africa ’s headline consumer inflation quickened to 5.3% year on year in January from 5.1% in December, data showed on Wednesday. Key contributors to the annual inflation rate included food, housing, utilities and transport. [The Executive Mayor of Nelson Mandela Bay , Gary van Niekerk, held a last-minute meeting of his mayoral committee on February 19th due to the risk of losing R542 million as a result of “severe underspending” of grants.
Although an action plan was understood to have been created during the meeting, no specifics about the plan have been shared publicly. [During a pre-budget media briefing on Wednesday, Finance Minister Enoch Godongwana stated that state-owned logistics company Transnet would need to service its current debt before receiving any bailout funds from the Treasury. Creditors of the company are urging for a bailout, but the likelihood of a bailout is uncertain until the debt is paid of
South Africa Consumer Inflation January Food Housing Utilities Transport Nelson Mandela Bay Underspending Debt Bailout Funds Transnet
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