South Africa Inflation September 2022

South Africa

South Africa: Inflation drops to lowest level since June in September

October 19, 2022

Inflation dropped to 7.5% in September, which followed August’s 7.6%. September's figure marked the lowest inflation rate since June. Looking at the details of the release, the moderation was chiefly due to transportation price growth easing in September, which more than offset prices for housing and utilities, as well as for food and non-alcoholic beverages, rising at a faster pace.

Still, the trend pointed up slightly, with annual average inflation coming in at 6.4% in September (August: 6.2%). Meanwhile, core inflation rose to 4.7% in September, from August’s 4.4%.

Lastly, consumer prices rose 0.09% in September over the previous month, moderating from August's 0.19% rise. September's result marked the weakest reading since November 2020.

FocusEconomics Consensus Forecast panelists see inflation averaging 5.4% in 2023, which is up 0.2 percentage points from last month’s estimate, and 4.5% in 2024.


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South Africa Inflation Chart

South Africa Inflation September 2022

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

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