South Africa Inflation

South Africa

South Africa: Inflation falls to lowest level in nearly four years

February 18, 2015

In January, consumer prices fell 0.18% over the previous month, which met December’s drop. According to Statistics South Africa, January’s result reflects lower prices for food and petrol.

Annual inflation fell from 5.3% in December to 4.4% in January, thus recording the lowest level since April 2011. Inflation remains within the Central Bank’s target range of 3.0%-6.0%. Annual average inflation inched down from December’s 6.1% to 6.0% in January.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.4% over the previous month, which was above the 0.2% increase observed in December. Annual core inflation inched up from 5.7% in December to 5.8% in January.

The Central Bank expects inflation to average 5.3% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 5.6% in 2015, which is unchanged from last month’s forecast. In 2016, the panel sees average inflation of 5.8%.


Author:, Senior Economist

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South Africa Inflation Chart


South Africa Inflation January 2015

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


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