South Africa Inflation

South Africa

Inflation inches up in November

In November, consumer prices increased 0.09% over the previous month, which came in below October’s 0.26% increase. According to Statistics South Africa, November’s result mainly reflected higher prices for food.

Inflation inched up from 4.7% in October to 4.8% in November, thus hitting a four-month high. Inflation is still within the Central Bank’s target range of 3.0%–6.0%. Annual average inflation slid from October’s 4.7% to 4.6% in November, marking the lowest reading since October 2011.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.1% over the previous month, which was below the 0.2% increase observed in October. Finally, annual core inflation was stable at October’s 5.5%.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.9% in 2016, which is unchanged from last month’s forecast. In 2017, the panel sees average inflation of 5.7%.

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South Africa Inflation Chart

South Africa Inflation November 2015

Note: Annual and monthly variation of consumer prices index in %.
Source: Statistics South Africa and FocusEconomics calculations.

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