South Africa Inflation December 2021

South Africa

South Africa: Inflation comes in at highest level since March 2017 in December

January 19, 2022

Consumer prices rose 0.57% over the previous month in December, picking up from the 0.49% increase seen in November. December's uptick marked the highest reading since July. Looking at the details of the release, prices for housing and utilities, as well as for food and non-alcoholic beverages increased at faster rates in December. Meanwhile, transportation prices grew at a softer pace.

Inflation rose to 5.9% in December, above November’s 5.5%. December's result marked the highest inflation rate since March 2017. Annual average inflation rose to 4.6% in December (November: 4.3%). Lastly, core inflation rose to 3.4% in December, from the previous month's 3.3%.

FocusEconomics Consensus Forecast panelists see inflation averaging 4.6% in 2022, which is up 0.1 percentage points from last month’s estimate, and 4.3% in 2023.


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South Africa Inflation Chart

South Africa Inflation December 2021

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

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