South Africa's annual inflation rate eased for the third straight month to 6.9% in January 2023, from 7.2% in the prior month, as expected, but still above the upper limit of the South African Reserve Bank’s target range of 3%-6%. It was the softest reading since May 2022, mainly due to slowing prices of transportation (11.1% vs 13.9% in December), of which fuels (13.1% vs 22.8%) and restaurants & hotels (5.5% vs 7.8%). Meanwhile, faster increases were seen for food & non-alcoholic beverages (13.4% vs 12.4%), notably bread & cereals (21.8%); oils & fats (18.5%) and vegetables (14.3%); alcoholic beverages & tobacco (6.5% vs 6.2%) and household contents and services (6.2% vs 6.1%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, stood at a three-month low of 4.9% in January, unchanged from the prior month. On a monthly basis, consumer prices were down by 0.1%, following a 0.4% rise in the prior month, matching market forecasts. source: Statistics South Africa
Inflation Rate in South Africa averaged 8.72 percent from 1968 until 2023, reaching an all time high of 20.70 percent in January of 1986 and a record low of 0.20 percent in January of 2004. This page provides - South Africa Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2023.
Inflation Rate in South Africa is expected to be 6.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Inflation Rate is projected to trend around 4.80 percent in 2024 and 4.50 percent in 2025, according to our econometric models.