South Africa Inflation Rate2021 Data | 2022 Forecast | 1968-2020 Historical

The annual inflation rate in South Africa accelerated for a second consecutive month to 5% in September of 2021 from 4.9% in the previous month, in line with expectations, and remaining above the 4.5% midpoint target from the South African Reserve Bank. Main upward pressure came from prices of transport (10.1% vs 9.9% in August), particularly fuels (19.9% vs 19.6%). The price of inland 95-octane petrol reached an all-time high of ZAR 18,34 per litre in September 2021. Other upward pressure came from cost of housing & utilities (4% vs 3.8%), such as electricity & other fuels (14% vs 13.9%) and owner’s equivalent rent (1.3% vs 1%); and food & non-alcoholic beverages (6.6% vs 6.9%), namely oils & fats (22.4% vs 21.3%) and meat (10.3% vs 10.7%). On a monthly basis, consumer prices ticked up 0.2%, slowing from a 0.4% gain in the prior month and almost in line with forecasts of a 0.25% rise.

The annual inflation rate in South Africa quickened to 4.9% in August of 2021 from 4.6% in July, slightly above market expectations of 4.8% and the 4.5% midpoint of the South African Reserve Bank’s monetary policy target range of 3-6%. Main upward pressure came from prices of transport (9.9% vs 8% in July), of which fuels (19.6% vs 15.2%); food & non-alcoholic beverages (6.9% vs 6.7%), namely oils & fats (21.3% vs 22.4%) and meat (10.7% vs 9.4%); miscellaneous goods & services (4.2%, the same as in July) and housing & utilities (3.8%, the same as in July), such as electricity and other fuels (13.9% vs 13.6%). On a monthly basis, consumer prices went up 0.4%, easing from a 1.1% rise in the prior month but slightly above market forecasts of a 0.3% increase.

The annual inflation rate in South Africa eased for the second straight month to 4.6% in July of 2021, from 4.9% in June, in line with market expectations and slightly above the 4.5% midpoint of the South African Reserve Bank’s monetary policy target range of 3-6%. Prices slowed mostly for transport (8% vs 12.3% in June), namely fuels (15.2% vs 27.5%) and restaurants & hotels (2.3% vs 2.7%). At the same time, inflation remained steady for food & non-alcoholic beverages (at 6.7%) and furnishings (at 1.3%), while it picked up for housing & utilities (3.8% vs 2.6%), on costlier electricity (13.6% vs 6.2%), following a recent hike in tariffs by power utility Eskom. The annual core inflation rate, which excludes volatile items such as food and non-alcoholic beverages, fuel and energy, dropped to 3% in July, the lowest since April and below forecasts of 3.1%. On a monthly basis, consumer prices inched up 1.1%, the most in a year, following a 0.2% rise in the previous month.