The annual inflation rate in South Africa fell to 3% in April of 2020 from 4.1% in March and slightly below market expectations of 3.1%, thus remaining comfortably within the Reserve Bank's target band of 3-6%. It was the lowest rate since June of 2005, amid a decrease in transport prices (-3.5% vs 3.4% in March), namely fuels (-12.8% vs 5.5%), prompted by the Covid-19 crisis. Also, there was a slowdown in costs of housing & utilities (4.6% vs 4.8%); alcoholic beverages & tobacco (2.3% vs 3.7%); clothing & footwear (1.4% vs 2.3%); recreation & culture (0.4% vs 0.9%) and restaurants & hotels (1% vs 1.4%). Meantime, inflation remained steady for miscellaneous goods services (at 6.4%) and education (at 6.4%), but it quickened for food & non-alcoholic beverages (4.6% vs 4.4%) and health (4.8% vs 4.6%). On a monthly basis, consumer prices went down 0.5%, after rising 0.3% in March, and compared with market consensus of a 0.4% drop.
Inflation Rate in South Africa averaged 8.91 percent from 1968 until 2020, 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 July of 2020. source: Statistics South Africa
Inflation Rate in South Africa is expected to be 2.90 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 5.00 in 12 months time. In the long-term, the South Africa Inflation Rate is projected to trend around 4.40 percent in 2021, according to our econometric models.