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 June 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.

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South Africa Inflation Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-18 08:00 AM Apr 5.9% 5.9% 5.9% 6%
2022-06-22 08:00 AM May 6.5% 5.9% 6.2% 6.1%
2022-07-20 08:00 AM Jun 6.5% 6.3%


Related Last Previous Unit Reference
Inflation Rate 6.50 5.90 percent May 2022
Inflation Rate Mom 0.70 0.60 percent May 2022
Consumer Price Index CPI 103.10 102.40 points May 2022
Core Inflation Rate 4.10 3.90 percent May 2022
Core Consumer Prices 102.10 101.90 points May 2022
Producer Prices 117.10 115.00 points Apr 2022
Producer Prices Change 13.10 11.90 percent Apr 2022
Food Inflation 7.60 6.00 percent May 2022
CPI Transportation 105.90 105.10 points May 2022
CPI Housing Utilities 100.60 100.50 points May 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
6.50 5.90 20.70 0.20 1968 - 2022 percent Monthly

News Stream
South Africa May Inflation Rate Hits Over 5-Year High
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.
2022-06-22
South Africa Inflation Rate Steady at 3-Month High of 5.9%
The annual inflation rate in South Africa stood at a three-month high of 5.9% in April of 2022, unchanged from the previous month and matching market forecasts. Still, this marks the 12th consecutive month in which annual inflation has been higher than the midpoint of the South African Reserve Bank's target range of between 3% and 6%. Main upward pressure came from prices of transportation (14.7%), namely fuels (29.2%); food & non-alcoholic beverages (6%), notably oils & fats (21.2%) and meat (8.5%); housing & utilities (4.8%), primarily electricity and other fuels (14.1%) and miscellaneous goods & services (3.8%), of which personal care (4.6%) and insurance (4%). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, quickened to 3.9% in April of 2022, the highest since October of 2019, from 3.8% in the prior month. On a monthly basis, consumer prices went up by 0.6%, slower than a 1% rise in March, almost in line with market expectations.
2022-05-18
South Africa March Inflation Rate Quickens to 5.9%
The annual inflation rate in South Africa rose to 5.9% in March of 2022, from 5.7% in the prior month and slightly below market expectations of 6%. Still, this marks the 11th consecutive month in which annual inflation has been higher than the midpoint of the South African Reserve Bank's target range of between 3% and 6%. Main upward pressure came from prices of transportation (15.7% vs 14.3% in February); food & non-alcoholic beverages (6.2% vs 6.4%); housing & utilities (4.8% vs 4.4%) and miscellaneous goods & services (3.2%, the same pace as in February). The annual core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, quickened to 3.8% in March, the highest since February 2020, from 3.5% in the prior month. On a monthly basis, consumer prices inched up by 1%, faster than a 0.6% rise in February, in line with market forecasts.
2022-04-20