South Africa Inflation December 2018

South Africa

South Africa: Inflation hits 7-month low in December

January 23, 2019

Consumer prices fell 0.2% from a month earlier in December, contrasting November’s 0.2% month-on-month rise. Sharply lower fuel costs were behind the reading. To that effect, core consumer prices—which exclude food and energy prices—actually rose 0.3%, up from 0.2% in November.

Inflation fell to 4.5% (November: 5.2%), landing at the midpoint of the South African Reserve Bank (SARB)’s target band of 3.0%–6.0% and in line with analysts’ expectations. Core inflation was stable from November at 4.4%, while annual average inflation ended last year at 4.6%.

The SARB sees inflation averaging 4.8% in 2019 and 5.3% in 2020. FocusEconomics Consensus Forecast panelists see inflation averaging 5.1% in 2019, which is unchanged from last month’s forecast. The panel projects average inflation at 5.2% in 2020.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation December 2018

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


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