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.