The annual inflation rate in South Africa edged down to 4.4% in April 2019, below the mid-point of the central bank's target range of 3-6%, from 4.5% in the previous month. The reading came slightly below market expectations of 4.5%, as slowing prices of housing & utilities and food offset an additional rise in fuels cost. Inflation Rate in South Africa averaged 9.01 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 4.60 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 4.70 in 12 months time. In the long-term, the South Africa Inflation Rate is projected to trend around 4.60 percent in 2020, according to our econometric models.

South Africa Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
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 4.4% 4.5% 4.5% 4.7%
2019-06-19 08:00 AM Inflation Rate YoY 4.4% 4.5% 4.5%
2019-07-24 08:00 AM Inflation Rate YoY 4.6%
2019-08-21 08:00 AM Inflation Rate YoY 4.7%



South Africa Inflation Rate Drops to 4.4% in April

The annual inflation rate in South Africa edged down to 4.4% in April 2019, below the mid-point of the central bank's target range of 3-6%, from 4.5% in the previous month. The reading came slightly below market expectations of 4.5%, as slowing prices of housing & utilities and food offset an additional rise in fuels cost.

Year-on-year, prices slowed primarily for housing & utilities (4.4 percent vs 4.5 percent in March), of which water & other services (10.8 percent vs 11.0 percent) and electricity & other fuels (6.8 percent vs 7.6 percent) and food & non-alcoholic beverages (2.9 percent vs 3.1 percent). Softer increases were also seen for alcoholic beverages & tobacco (5.7 percent vs 6.4 percent); household contents and services (3.2 percent vs 3.5 percent); recreation & culture (0.3 percent vs 1.2 percent); restaurants & hotels (2.8 percent vs 4.4 percent) and health (4.7 percent vs 5.3 percent). Also, cost fell for communication (-0.4 percent vs 1.5 percent).

At the same time, inflation remained steady for miscellaneous goods & services (5.4 percent); clothing & footwear (1.9 percent) and education (6.7 percent).

In contrast, prices accelerated for transport (7.4 percent vs 6.4 percent), pushed up by fuels cost (12 percent vs 8.8 percent).

Annual core inflation rate, which excludes cost of food, non-alcoholic beverages, fuel and energy, fell to 4.1 percent in April from 4.4 percent in the previous month, slightly below market expectations of 4.2 percent. It is the lowest core inflation since March 2018. Compared to the previous month, core consumer prices went up 0.3 percent, down from a 0.7 percent increase in March and in line with market forecasts.

On a monthly basis, consumer prices increased 0.6 percent, following a 0.8 percent rise in the prior month and below market expectations of a 0.8 percent gain.



Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
5/22/2019 1:39:51 PM



South Africa Prices Last Previous Highest Lowest Unit
Inflation Rate 4.40 4.50 20.70 0.20 percent [+]
Inflation Rate Mom 0.60 0.80 6.70 -0.70 percent [+]
Consumer Price Index CPI 110.70 111.00 111.00 1.20 Index Points [+]
Core Consumer Prices 111.30 111.00 111.30 63.30 Index Points [+]
Core Inflation Rate 4.10 4.40 8.30 2.90 percent [+]
Producer Prices 113.00 111.50 219.40 4.10 Index Points [+]
Producer Prices Change 6.50 6.20 8.80 2.61 percent [+]
Export Prices 161.00 160.30 161.00 0.60 Index Points [+]
Import Prices 150.30 156.60 156.60 1.20 Index Points [+]
Food Inflation 2.90 3.10 15.60 0.60 percent [+]
Inflation Expectations 5.17 5.44 8.72 3.90 Percent [+]
CPI Housing Utilities 110.40 110.30 110.40 56.80 Index Points [+]
CPI Transportation 114.80 111.70 116.90 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 June of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4.40 4.50 20.70 0.20 1968 - 2019 percent Monthly




Country Last Previous
Argentina 57.30 May/19
Australia 1.30 Mar/19
Brazil 4.66 May/19
Canada 2.00 Apr/19
China 2.70 May/19
Euro Area 1.20 May/19
France 0.90 May/19
Germany 1.40 May/19
India 3.05 May/19
Indonesia 3.32 May/19
Italy 0.80 May/19
Japan 0.90 Apr/19
Mexico 4.28 May/19
Netherlands 2.40 May/19
Russia 5.10 May/19
Saudi Arabia -1.90 Apr/19
Singapore 0.80 Apr/19
South Africa 4.40 Apr/19
South Korea 0.70 May/19
Spain 0.80 May/19
Switzerland 0.60 May/19
Turkey 18.71 May/19
United Kingdom 2.10 Apr/19
United States 1.80 May/19


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