Minister Godongwana: Govt’s economic interventions not silver bullet for rising inflation

Finance Minister Enoch Godongwana said government economic interventions won’t solve the issue of rising inflation and living costs.

But the minister noted that prices were on the decrease.

Godongwana said any changes to the government’s interventions would be outlined next month when he tables the medium-term budget policy statement and adjustment budget.

He was responding to questions in the National Assembly as part of the economic cluster on Wednesday.

Godongwana faced a series of questions from members about rising inflation and the high cost of living for millions of South Africans.

Godongwana was also asked whether the National Treasury considered any amendments to current relief packages to deal with the situation.

But the minister said those interventions weren’t the only solution.

“While the interventions have been important, they cannot solve or permanently mitigate the impact of inflation.”

Godongwana also noted declining prices, with changes to the interventions to be announced next month.

“We have been monitoring these prices and are beginning to go down. And in that regard, we will watch and see if there are any changes. [In] our processes, we will outline when we are back here on the 26th of October during the medium-term budget policy statement.”

Godongwana said that the country’s economy is facing a number of structural constraints adding that the government as a whole had to respond to such challenges.

-EWN

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