South Africa Inflation June 2017

South Africa

South Africa: Inflation hits over one-and-a-half year low in June

July 19, 2017

In June, consumer prices inched down from May’s 0.3% to 0.2%. June’s increase is the result of higher prices in almost all components of the index such as housing and utilities and education.

Inflation dropped from 5.4% in May to 5.1% in June, the lowest print since November 2015. Inflation remains within the Central Bank’s target range of 3.0%–6.0% and the result was slightly below the 5.2% the markets had expected. Annual average inflation in June came in at 6.1% (May: 6.2%).

Core consumer prices—which exclude food, non-alcoholic beverages, energy and gasoline—rose 0.4% in June from the previous month, up from 0.1% in May. Core inflation in June remained unchanged at the 4.8% reading observed in the month prior.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.6% in 2017, which is down 0.2 percentage points from last month’s forecast. In 2018, the panel sees average inflation of 5.5%.

Author: Jean-Philippe Pourcelot, Economist

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South Africa Inflation Chart

South Africa Inflation June 2017

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

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