South Africa Inflation August 2022

South Africa

South Africa: Inflation softens in August

September 21, 2022

Inflation came in at 7.6% in August, which was down from July’s 7.8%. The softer rise was primarily driven by slower growth in prices for housing and utilities. Moreover, prices for recreation and culture also grew at a more subdued pace.

Stil, the trend pointed up, as annual average inflation rose to 6.2% in August (July: 5.9%). Meanwhile, core inflation edged down to 4.4% in August, from July’s 4.6%.

Finally, consumer prices rose 0.19% over the previous month in August, moderating from July's 1.54% rise. August's result marked the softest rise in prices since May 2021.

FocusEconomics Consensus Forecast panelists see inflation averaging 6.7% in 2022, which is up 0.1 percentage points from last month’s estimate, and 5.2% in 2023.


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South Africa Inflation Chart

South Africa Inflation August 2022

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

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