South Africa Inflation July 2022

South Africa

South Africa: Inflation comes in at highest level since April 2009 in July

August 24, 2022

Inflation came in at 7.8% in July, up from June’s 7.4%. July's result marked the highest inflation rate since April 2009. Looking at the details of the release, transportation prices rose at a quicker pace in July compared to the previous month, while price pressures for food and non-alcoholic beverages also picked up pace.

Consequently, the trend pointed up, with annual average inflation ticking up to 5.9% in July (June: 5.7%). Meanwhile, core inflation rose to 4.6% in July, from June’s 4.4%.

Finally, consumer prices rose 1.54% in July over the previous month, accelerating from June's 1.07% rise. July's uptick marked the highest reading since January 2008.

FocusEconomics Consensus Forecast panelists see inflation averaging 6.6% in 2022, which is up 0.2 percentage points from last month’s estimate, and 5.1% in 2023.


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South Africa Inflation Chart

South Africa Inflation July 2022 0

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

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