The annual inflation rate in South Africa fell to 4.0 percent in July 2019 from 4.5 percent in June, well below market expectations of 4.4 percent and the mid-point of the Reserve Bank's target range of 3-6%. This is the lowest inflation rate since January, amid a decrease in fuels cost. Inflation Rate in South Africa averaged 8.99 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 4.60 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 4.80 in 12 months time. In the long-term, the South Africa Inflation Rate is projected to trend around 4.60 percent in 2020, according to our econometric models.

South Africa Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-22 08:00 AM Inflation Rate YoY Apr 4.4% 4.5% 4.5% 4.7%
2019-06-19 08:00 AM Inflation Rate YoY May 4.5% 4.4% 4.4% 4.5%
2019-07-24 08:00 AM Inflation Rate YoY Jun 4.5% 4.5% 4.4% 4.7%
2019-08-21 08:00 AM Inflation Rate YoY Jul 4% 4.5% 4.4% 4.4%
2019-09-18 08:00 AM Inflation Rate YoY Aug 4% 4.3% 4.2%
2019-10-23 08:00 AM Inflation Rate YoY Sep 4.6%
2019-11-20 08:00 AM Inflation Rate YoY Oct 4.8%



South Africa Inflation Rate Hits 6-Month Low of 4%

The annual inflation rate in South Africa fell to 4.0 percent in July 2019 from 4.5 percent in June, well below market expectations of 4.4 percent and the mid-point of the Reserve Bank's target range of 3-6%. This is the lowest inflation rate since January, amid a decrease in fuels cost.

Year-on-year, inflation softened primarily for transport (3.0 percent vs 5.5 percent in June), as fuel cost declined (-0.5 percent vs 7.4 percent) reflecting lower international oil prices; and food & non-alcoholic beverages (3.4 percent vs 3.7 percent), of which processed food (5.1 percent vs 5.4 percent). Also, prices slowed for alcoholic beverages & tobacco (6 percent vs 6.1 percent); household contents and services (3.0 percent vs 3.1 percent) and restaurants & hotels (2.8 percent vs 3.5 percent). Meantime, inflation was steady for clothing & footwear (at 1.9 percent); education (at 6.7 percent) and recreation & culture (at 0.9 percent).

In contrast, cost rose faster for housing & utilities (5.1 percent vs 4.9 percent), namely electricity and other fuels (10.4 percent) and water and other sevices (7.1 percent) amid an increase in municipal tariffs with effect from July; miscellaneous goods & services (5.6 percent vs 5.4 percent) and health (5.4 percent vs 5.3 percent).

Annual core inflation rate, which excludes cost of food, non-alcoholic beverages, fuel and energy, dropped to 4.2 percent in July from 4.3 percent in the prior month and slightly below market estimates of 4.3 percent.

On a monthly basis, consumer prices went up 0.4 percent, the same pace as in the previous month and below market expectations of 0.7 percent.



Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
8/21/2019 12:02:05 PM



South Africa Prices Last Previous Highest Lowest Unit
Inflation Rate 4.00 4.50 20.70 0.20 percent [+]
Inflation Rate Mom 0.40 0.40 6.70 -0.70 percent [+]
Consumer Price Index CPI 112.80 112.40 112.80 1.20 Index Points [+]
Core Consumer Prices 112.20 111.70 112.20 63.30 Index Points [+]
Core Inflation Rate 4.20 4.30 8.30 2.90 percent [+]
Producer Prices 113.80 114.00 219.40 4.10 Index Points [+]
Producer Prices Change 4.90 5.80 8.80 2.61 percent [+]
Export Prices 166.50 161.00 166.50 0.60 Index Points [+]
Import Prices 155.80 150.30 156.60 1.20 Index Points [+]
Food Inflation 3.40 3.70 15.60 0.60 percent [+]
Inflation Expectations 5.04 5.17 8.72 3.90 Percent [+]
CPI Housing Utilities 113.90 111.20 113.90 56.80 Index Points [+]
CPI Transportation 114.60 116.30 116.90 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
4.00 4.50 20.70 0.20 1968 - 2019 percent Monthly




Country Last Previous
Argentina 53.60 Aug/19
Australia 1.60 Jun/19
Brazil 3.43 Aug/19
Canada 2.00 Jul/19
China 2.80 Aug/19
Euro Area 1.00 Aug/19
France 1.00 Aug/19
Germany 1.40 Aug/19
India 3.21 Aug/19
Indonesia 3.49 Aug/19
Italy 0.50 Aug/19
Japan 0.50 Jul/19
Mexico 3.16 Aug/19
Netherlands 2.80 Aug/19
Russia 4.30 Aug/19
Saudi Arabia -1.30 Jul/19
Singapore 0.40 Jul/19
South Africa 4.00 Jul/19
South Korea 0.00 Aug/19
Spain 0.30 Aug/19
Switzerland 0.30 Aug/19
Turkey 15.01 Aug/19
United Kingdom 2.10 Jul/19
United States 1.70 Aug/19


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