The annual inflation rate in South Africa increased to 4.5 percent in March 2019 from 4.1 percent in the previous month, slightly below market expectations of 4.6 percent. It is the highest inflation rate since December, amid a sharp rise in fuel prices. Inflation Rate in South Africa averaged 9.02 percent from 1968 until 2019, 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.

Inflation Rate in South Africa is expected to be 4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in South Africa to stand at 5.10 in 12 months time. In the long-term, the South Africa Inflation Rate is projected to trend around 4.70 percent in 2020, according to our econometric models.

South Africa Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-23 08:00 AM Inflation Rate YoY 4.5% 5.2% 4.5% 5%
2019-02-20 08:00 AM Inflation Rate YoY 4% 4.5% 4.3% 4.3%
2019-03-20 08:00 AM Inflation Rate YoY 4.1% 4% 4.1% 4.3%
2019-04-17 08:00 AM Inflation Rate YoY 4.5% 4.1% 4.6% 4.6%
2019-05-22 08:00 AM Inflation Rate YoY 4.5% 5.6%
2019-06-19 08:00 AM Inflation Rate YoY 5.3%
2019-07-24 08:00 AM Inflation Rate YoY 4.8%



South Africa Inflation Rate at 3-Month High of 4.5%

The annual inflation rate in South Africa increased to 4.5 percent in March 2019 from 4.1 percent in the previous month, slightly below market expectations of 4.6 percent. It is the highest inflation rate since December, amid a sharp rise in fuel prices.

Year-on-year, prices soared for transport (6.4 percent vs 3.6 percent in February), mainly pushed up by fuels (8.8 percent vs 0.9 percent). Additional upward pressure came from cost of food & non-alcoholic beverages (3.1 percent vs 2.9 percent); alcoholic beverages & tobacco (6.4 percent vs 4.6 percent); clothing & footwear (1.9 percent vs 1.8 percent); restaurants & hotels (4.4 percent vs 4.1 percent) and health (5.3 percent vs 4.3 percent).

Meanwhile, inflation slowed for housing & utilities (4.5 percent vs 5.3 percent) and it remained steady for miscellaneous goods & services (at 5.4 percent); household contents and services (at 3.5 percent); recreation & culture (at 1.2 percent) and communicatiion (at 1.5 percent).

Annual core inflation rate, which excludes cost of food, non-alcoholic beverages, fuel and energy, stood at 4.4 percent for the fifth consecutive month and slightly below market expectations of 4.5 percent. Compared to the previous month, core consumer prices increased 0.7 percent, following a 1.1 percent rise in February.

On a monthly basis, consumer prices went up 0.8 percent, the same pace as in the previous month and in line with market expectations.


Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
4/17/2019 9:55:04 AM



South Africa Prices Last Previous Highest Lowest Unit
Inflation Rate 4.50 4.10 20.70 0.20 percent [+]
Inflation Rate Mom 0.80 0.80 6.70 -0.70 percent [+]
Consumer Price Index CPI 111.00 110.10 111.00 1.20 Index Points [+]
Core Consumer Prices 111.00 110.20 111.00 63.30 Index Points [+]
Core Inflation Rate 4.40 4.40 8.30 2.90 percent [+]
Producer Prices 111.50 110.10 219.40 4.10 Index Points [+]
Producer Prices Change 6.20 4.70 8.80 2.61 percent [+]
Export Prices 160.30 156.70 160.30 0.60 Index Points [+]
Import Prices 156.60 149.20 156.60 1.20 Index Points [+]
Food Inflation 3.10 2.90 15.60 0.60 percent [+]
Inflation Expectations 5.17 5.44 8.72 3.90 Percent [+]
CPI Housing Utilities 110.30 110.00 110.30 56.80 Index Points [+]
CPI Transportation 111.70 109.50 116.90 81.70 Index Points [+]


South Africa Inflation Rate

In South Africa, the most important categories in the consumer price index are Housing and Utilities (24.5 percent of total weight), Transport (16.4 percent) and Food and Non-Alcoholic Beverages (15.4 percent). Others include: Miscellaneous Goods and Services such as personal care, Insurance and Finance (14.7 percent); Alcoholic Beverages and Tobacco (5.4 percent); Household Contents, Equipment and Maintenance (4.8 percent); Recreation and Culture (4.1 percent); Clothing and Footwear (4.1 percent). Restaurants and Hotels, Education, Communication and Health account for the remaining 10 percent. The CPI basket was revised in January of 2013. This page provides - South Africa Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Inflation Rate - actual data, historical chart and calendar of releases - was last updated on April of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4.50 4.10 20.70 0.20 1968 - 2019 percent Monthly




Country Last Previous
Argentina 54.70 Mar/19
Australia 1.30 Mar/19
Brazil 4.58 Mar/19
Canada 1.90 Mar/19
China 2.30 Mar/19
Euro Area 1.40 Mar/19
France 1.10 Mar/19
Germany 1.30 Mar/19
India 2.86 Mar/19
Indonesia 2.48 Mar/19
Italy 1.00 Mar/19
Japan 0.50 Mar/19
Mexico 4.00 Mar/19
Netherlands 2.80 Mar/19
Russia 5.30 Mar/19
Saudi Arabia -2.10 Mar/19
Singapore 0.60 Mar/19
South Africa 4.50 Mar/19
South Korea 0.40 Mar/19
Spain 1.30 Mar/19
Switzerland 0.70 Mar/19
Turkey 19.71 Mar/19
United Kingdom 1.90 Mar/19
United States 1.90 Mar/19


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