South Africa Inflation September 2019

South Africa

South Africa: Inflation edges down to seven-month low in September

October 23, 2019

Consumer prices climbed 0.3% over the previous month in September, matching the month-on-month upturn in August. Higher costs for housing and utilities were the main drivers of the overall increase. Meanwhile, prices for food and non-alcoholic beverages, and transport—which also carry significant weight in the index—rose at a slightly softer pace,

Inflation edged down to 4.1% in September from 4.3% in August, further below the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. September’s print was the lowest in seven months. Meanwhile, core inflation fell to 4.0% in September from 4.3% in August. Lastly, annual average inflation inched down to 4.4% from 4.5% in the previous month.

The SARB sees inflation averaging 5.1% in 2020 and 4.7% in 2021. FocusEconomics Consensus Forecast panelists see inflation averaging 4.9% in 2020, which is down 0.1 percentage points from last month’s estimate, and also 4.9% in 2021.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation September 2019 2

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


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