The annual inflation rate in South Africa rose slightly to 4.1 percent in February 2019 from 4 percent in the prior month, matching market expectations. Prices increased faster mainly for transport, as fuel cost rebounded. Inflation Rate in South Africa averaged 9.02 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 4.70 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 4.80 percent in 2020, according to our econometric models.

South Africa Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-12-12 08:00 AM Inflation Rate YoY 5.2% 5.1% 5.1% 5.0%
2019-01-23 08:00 AM Inflation Rate YoY 4.5% 5.2% 4.5% 5%
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 4.1% 4.7%
2019-05-22 08:00 AM Inflation Rate YoY 4.6%
2019-06-19 08:00 AM Inflation Rate YoY 4.5%



South Africa Inflation Rate Edges Up to 4.1% in February

The annual inflation rate in South Africa rose slightly to 4.1 percent in February 2019 from 4 percent in the prior month, matching market expectations. Prices increased faster mainly for transport, as fuel cost rebounded.

Year-on-year, inflation quickened primarily for transport (3.6 percent vs 2.9 percent in January), as cost of fuels bounced back (0.9 percent vs -1.2 percent). Also, prices rose slightly faster for miscellaneous goods & services (5.4 percent vs 5.3 percent); household contents and services (3.5 percent vs 3.4 percent); recreation & culture (1.2 percent vs 1.1 percent) and restaurants & hotels (4.1 percent vs 3.6 percent). 

Meanwhile, prices slowed for housing & utilities (5.3 percent vs 5.4 percent); food & non-alcoholic beverages (2.9 percent vs 3 percent), led by meat (-0.5 percent vs 0.8 percent); fish (5.7 percent vs 5.9 percent) and vegetables (8.9 percent vs 11.1 percent); alcoholic beverages & tobacco (4.6 percent vs 4.7 percent) and health (4.3 percent vs 4.8 percent). At the same time, inflation remained steady for clothing & footwear (at 1.8 percent); education (at 6.7 percent) and communication (at 1.5 percent).

Annual core inflation rate, which excludes cost of food, non-alcoholic beverages, fuel and energy, stood at 4.4 percent in February, unchanged from the previous three months and in line with market consensus. It holds at the highest level since May. Compared to the previous month, core consumer prices went up 1.1 percent, after a 0.2 percent in January and matching market estimates.

On a monthly basis, consumer prices inched up 0.8 percent, following a 0.2 percent decrease in the previous month and slightly below market expectations of a 0.85 percent increase. Main upward pressure came from transport prices (0.4 percent vs -3.3 percent), namely fuels (0.3 percent vs -10.2 percent).


Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
3/20/2019 12:40:16 PM



South Africa Prices Last Previous Highest Lowest Unit
Inflation Rate 4.10 4.00 20.70 0.20 percent [+]
Inflation Rate Mom 0.80 -0.20 6.70 -0.70 percent [+]
Consumer Price Index CPI 110.10 109.20 110.10 1.20 Index Points [+]
Core Consumer Prices 110.20 109.00 110.20 63.30 Index Points [+]
Core Inflation Rate 4.40 4.40 8.30 2.90 percent [+]
Producer Prices 109.80 110.70 219.40 4.10 Index Points [+]
Producer Prices Change 4.10 5.20 8.80 2.61 percent [+]
Export Prices 160.30 156.70 160.30 0.60 Index Points [+]
Import Prices 156.60 149.20 156.60 1.20 Index Points [+]
Food Inflation 2.90 3.00 15.60 0.60 percent [+]
Inflation Expectations 5.44 5.59 8.72 3.90 Percent [+]
CPI Housing Utilities 110.00 110.00 110.00 56.80 Index Points [+]
CPI Transportation 109.50 109.10 116.90 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 March of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4.10 4.00 20.70 0.20 1968 - 2019 percent Monthly




Country Last Previous
Argentina 50.70 Feb/19
Australia 1.80 Dec/18
Brazil 3.89 Feb/19
Canada 1.50 Feb/19
China 1.50 Feb/19
Euro Area 1.50 Feb/19
France 1.30 Feb/19
Germany 1.50 Feb/19
India 2.57 Feb/19
Indonesia 2.57 Feb/19
Italy 1.00 Feb/19
Japan 0.20 Feb/19
Mexico 3.94 Feb/19
Netherlands 2.60 Feb/19
Russia 5.20 Feb/19
Saudi Arabia -2.20 Feb/19
Singapore 0.40 Jan/19
South Africa 4.10 Feb/19
South Korea 0.50 Feb/19
Spain 1.10 Feb/19
Switzerland 0.60 Feb/19
Turkey 19.67 Feb/19
United Kingdom 1.90 Feb/19
United States 1.50 Feb/19


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