South Africa Inflation October 2018

South Africa

South Africa: Inflation edges up in October

November 21, 2018

Consumer prices grew 0.5% from the previous month in October, matching September’s reading. Higher costs in the transport component drove the result amid higher oil prices. To that effect, core consumer prices—which exclude food and energy prices—rose 0.1%, down from September’s 0.5%.

Inflation climbed to 5.1% in October (September: 4.9%), landing within the South African Reserve Bank (SARB)’s target band of 3.0%–6.0% but slightly below market analysts’ expectations. Core inflation and annual average inflation, meanwhile, were stable from September’s readings, at 4.2% and 4.6% respectively.

The SARB sees inflation averaging 5.7% in 2019 and 5.4% in 2020. FocusEconomics Consensus Forecast panelists see inflation averaging 5.4% in 2019, which is unchanged from last month’s forecast. The panel projects inflation to end 2020 at 5.2%.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation October 2018

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


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