South Africa Inflation May 2022

South Africa

South Africa: Inflation soars to over five-year high in May

June 22, 2022

Consumer prices rose 0.68% over the previous month in May, picking up from April's 0.59% rise. The acceleration was driven by brisker price increases for housing and utilities and food and non-alcoholic beverages.

Inflation increased to 6.5% in May from April’s 5.9%. May's figure represented the highest inflation rate since January 2017. Accordingly, the trend pointed up slightly, with annual average inflation coming in at 5.5% in May (April: 5.4%). Finally, core inflation rose to 4.1% in May, from the previous month's 3.9%.

FocusEconomics Consensus Forecast panelists see inflation averaging 6.0% in 2022, which is up 0.1 percentage points from last month’s estimate, and 4.8% in 2023.


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South Africa Inflation Chart

South Africa Inflation May 2022

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

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