South Africa's annual core inflation rate, which excludes cost of food, non-alcoholic beverages, fuel and energy, stood at 4.4 percent in January, unchanged from the two previous months and slightly below market expectations of 4.5 percent. It holds at the highest level since May. Compared to the previous month, core consumer prices went up 0.2 percent, following a 0.3 percent increase in December and below estimates of a 0.3 percent gain. Core Inflation Rate in South Africa averaged 5.04 percent from 2009 until 2019, reaching an all time high of 8.30 percent in May of 2009 and a record low of 2.90 percent in January of 2011.
Core Inflation Rate in South Africa is expected to be 3.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Core Inflation Rate in South Africa to stand at 5.00 in 12 months time. In the long-term, the South Africa Core Inflation Rate is projected to trend around 4.80 percent in 2020, according to our econometric models.