South Africa Inflation December 2017

South Africa

South Africa: Inflation inches up in December

January 24, 2018

Consumer prices rose 0.5% in December over the previous month, coming in above the 0.1% month-on-month rise in November. December’s increase reflected higher prices of food products, transport, and housing and utilities.

Inflation rose from 4.6% in November to 4.7% in December, remaining within the Central Bank’s target range of 3.0%–6.0%, where it has been since April 2017. Meanwhile, annual average inflation inched down from 5.4% in November to 5.3% in December.

Core consumer prices—which exclude food, non-alcoholic beverages, energy and gasoline—increased from a flat reading in November to a 0.3% month-on-month increase in December. Core inflation in December moderated from 4.4% in November to 4.2%, the lowest reading since May 2012.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.1% in 2018, which is unchanged from last month’s forecast. In 2019, the panel sees average inflation edging up to 5.3%.


Author: Jean-Philippe Pourcelot, Economist

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South Africa Inflation Chart


South Africa Inflation December 2017

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


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