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.

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South Africa Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-01-18 08:00 AM Dec 7.2% 7.4% 7.2% 7.2%
2023-02-15 08:00 AM Jan 6.9% 7.2% 6.9% 7.0%
2023-03-22 08:00 AM Feb 6.9%


Related Last Previous Unit Reference
Inflation Rate 6.90 7.20 percent Jan 2023
Inflation Rate MoM -0.10 0.40 percent Jan 2023
Consumer Price Index CPI 107.10 107.20 points Jan 2023
Core Inflation Rate 4.90 4.90 percent Jan 2023
Core Consumer Prices 105.10 104.90 points Jan 2023
Producer Prices 125.10 125.80 points Jan 2023
Producer Prices Change 12.70 13.50 percent Jan 2023
Food Inflation 13.40 12.40 percent Jan 2023
CPI Transportation 109.90 113.90 points Jan 2023
CPI Housing Utilities 104.10 104.10 points Jan 2023

South Africa Inflation Rate
In South Africa, the most important categories in the Consumer Price Index are: Housing & Utilities (23% of the total weight), Food & Non-alcoholic Beverages (19%), and Transport (15%). Others include: Miscellaneous Goods & Services (15%), Alcoholic Beverages & Tobacco (6%), Recreation & Entertainment (5%), Household Contents, Equipment & Maintenance (4%), Clothing & Footwear (4%), Restaurants & Hotels (3%), Education (2%), and Communications (2%).
Actual Previous Highest Lowest Dates Unit Frequency
6.90 7.20 20.70 0.20 1968 - 2023 percent Monthly

News Stream
South Africa Inflation Rate Falls for 3rd Month
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.
2023-02-15
South Africa Inflation Rate Softens to 7-Month Low
South Africa's annual inflation rate was 7.2% in December of 2022, down from 7.4% 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 last May, as prices continued to slow down primarily for transportation (13.9% vs 15.3% in November), of which fuels (22.8% vs 25.3%). Slower increases were also seen for food & non-alcoholic beverages (12.4% vs 12.5%); restaurants & hotels (7.8% vs 7.9%); alcoholic beverages & tobacco (6.2% vs 6.5%) and housing & utilities (4.1% vs 4.3%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, eased to 4.9% in December, from an over 5-1/2-year high of 5% in November. On a monthly basis, consumer prices were up by 0.4%, following a 0.3% rise in the prior month and slightly above market forecasts of a 0.3% increase.
2023-01-18
South Africa November Inflation Rate Slows to 5-Month Low
South Africa's annual inflation rate eased to 7.4% in November of 2022 from 7.6% in the prior month, below market expectations of 7.5% but still above the upper limit of the South African Reserve Bank’s target range of 3%-6%. It was the lowest reading since June, mainly due to a slowdown in prices of transportation (15.3% vs 17.1% in October), of which fuels (25.3% vs 30.1%). Meanwhile, prices edged higher for other CPI items, such as food & non-alcoholic beverages (12.5% vs 12%); restaurants & hotels (7.9% vs 7.8%); alcoholic beverages & tobacco (6.5% vs 6.2%) and household contents and services (5.6% vs 5.5%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, stood at an over 5-1/2-year high of 5% in November, unchanged from the prior month. On a monthly basis, consumer prices were up by 0.3%, following a 0.4% rise in the prior month and slightly above market forecasts of a 0.2% increase.
2022-12-14