South Africa Inflation May 2020

South Africa

South Africa: Inflation drops to lowest level over 15 years in May

July 15, 2020

Consumer prices fell 0.61% in May over the previous month, coming in below the 0.52% drop recorded in April. May's result marked the sharpest fall in prices since December 2008. Looking at the details of the release, transportation prices fell at a quicker pace in May compared to the previous month, while prices for alcoholic beverages and tobacco dropped. Moreover, price pressures for food and non-alcoholic beverages eased.

Inflation came in at 2.1% in May, below April’s 3.0% print. May's reading represented the weakest inflation rate since September 2004. Annual average inflation fell to 3.9% in May (April: 4.1%). Lastly, core inflation edged down to 3.1% from the previous month's 3.2%.

FocusEconomics Consensus Forecast panelists see inflation averaging 3.6% in 2020, which is up 0.1 percentage points from last month’s estimate, and 4.3% in 2021.


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South Africa Inflation Chart

South Africa Inflation May 20 20

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

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