The annual inflation rate in South Africa quickened to 6.5% in May of 2022, from 5.9% in April and March, above market expectations of 6.2% and breaking through the upper limit of the South African Reserve Bank’s target range of 3%-6%. It was the highest reading since January of 2017, as prices continued to accelerate mostly for transport (15.7% vs 14.7% in April), on account of fuels; and food & non-alcoholic beverages (7.6% vs 6%), notably sunflower oil (40%), the product with the highest weight in the oils and fats group. Costs were also higher for housing & utilities (4.9% vs 4.8%), namely electricity and other fuels (14.4%); and miscellaneous goods & services (3.9% vs 3.8%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, rose to 4.1% in May, the highest since August of 2019, from 3.9% in the prior month. On a monthly basis, consumer prices were up 0.7%, after increasing 0.6% in April and above market forecasts of a 0.3% rise. source: Statistics South Africa
Inflation Rate in South Africa averaged 8.74 percent from 1968 until 2022, 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 2022.
Inflation Rate in South Africa is expected to be 6.30 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 5.00 percent in 2023 and 4.70 percent in 2024, according to our econometric models.