South Africa's annual inflation rate fell to an 11-month low of 6.8% in April 2023, down from 7.1% in March and below market forecasts of 7%, but still above the upper limit of the SARB's target range of 3%-6%. The moderation in inflation was mainly due to softer rises in prices of transportation (7.6% vs 8.9% in March), of which fuels (5% vs 8.1%); restaurants & hotels (5.1% vs 6.4%) and household content & services (6.5% vs 6.9%). Meanwhile, prices remained elevated for food & non-alcoholic beverages (13.9% vs 14%), while accelerating for miscellaneous goods & services (6.3% vs 5.9%), notably personal care (11.6% vs 11%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, rose to an over six-year high of 5.3% in April, up from 5.2% in March, in line with market forecasts. On a monthly basis, consumer prices were up by 0.4% in April, slowing from a 1% rise in the prior month and slightly below market estimates of a 0.5% increase. source: Statistics South Africa

Inflation Rate in South Africa averaged 8.71 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 June of 2023.

Inflation Rate in South Africa is expected to be 6.40 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 5.10 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
2023-04-19 08:00 AM Mar 7.1% 7% 6.9% 7.0%
2023-05-24 08:00 AM Apr 6.8% 7.1% 7% 7.1%
2023-06-21 08:00 AM May 6.8%


Related Last Previous Unit Reference
Inflation Rate 6.80 7.10 percent Apr 2023
Inflation Rate MoM 0.40 1.00 percent Apr 2023
Consumer Price Index CPI 109.40 109.00 points Apr 2023
Core Inflation Rate 5.30 5.20 percent Apr 2023
Core Consumer Prices 107.30 106.80 points Apr 2023
Producer Prices 127.20 127.20 points Apr 2023
Producer Prices Change 8.60 10.60 percent Apr 2023
Food Inflation 13.90 14.00 percent Apr 2023
CPI Transportation 113.10 112.90 points Apr 2023
CPI Housing Utilities 104.60 104.50 points Apr 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
6.80 7.10 20.70 0.20 1968 - 2023 percent Monthly

News Stream
South Africa Inflation Rate Drops to 11-Month Low
South Africa's annual inflation rate fell to an 11-month low of 6.8% in April 2023, down from 7.1% in March and below market forecasts of 7%, but still above the upper limit of the SARB's target range of 3%-6%. The moderation in inflation was mainly due to softer rises in prices of transportation (7.6% vs 8.9% in March), of which fuels (5% vs 8.1%); restaurants & hotels (5.1% vs 6.4%) and household content & services (6.5% vs 6.9%). Meanwhile, prices remained elevated for food & non-alcoholic beverages (13.9% vs 14%), while accelerating for miscellaneous goods & services (6.3% vs 5.9%), notably personal care (11.6% vs 11%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, rose to an over six-year high of 5.3% in April, up from 5.2% in March, in line with market forecasts. On a monthly basis, consumer prices were up by 0.4% in April, slowing from a 1% rise in the prior month and slightly below market estimates of a 0.5% increase.
2023-05-24
South Africa Inflation Rate Rises for Second Month
South Africa's annual inflation rate rose for the second month to 7.1% in March 2023, from 7% in the prior month, against market expectations of 6.9% and still above the upper limit of the SARB's target range of 3%-6%. Food & non-alcoholic beverages (14% vs 13.6% in February); transport (8.9% vs 9.9%); miscellaneous goods & services (5.9% vs 6.1%) and housing & utilities (4%, the same as in February) were the main drivers of overall inflation. The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, stood at a six-year high of 5.2% in March, unchanged from February and slightly above market estimates of 5.1%. On a monthly basis, consumer prices inched up by 1% in March, the most in eight months and above market forecasts of a 0.9% increase. Prices rose significantly for education (5.7% vs flat reading in February) and alcoholic beverages & tobacco (2.2% vs 0.4%), as new excise taxes for alcohol and tobacco products came into effect in March.
2023-04-19
South Africa Inflation Rises for 1st Time in 4 Months
South Africa's annual inflation rate edged up to 7% in February 2023 from 6.9% in the prior month, the first rise since last October, while markets had expected it to remain steady at 6.9%. Main upward pressure came from prices of food & non-alcoholic beverages (13.6% vs 13.4% in January), notably bread & cereals (20.5%), oils & fats (16.7%), vegetables (15.7%); and transportation (9.9% vs 11.1%), of which fuels (10.9% vs 13.1%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, picked up to 5.2% in February, the highest since February 2017, from 4.9% in the prior month. On a monthly basis, consumer prices were up by 0.7%, the most in seven months, following a 0.1% decrease in the prior month and above market forecasts of 0.6%.
2023-03-22