South Africa Inflation

South Africa

South Africa: Inflation inches up in October

November 18, 2015

In October, consumer prices increased 0.26% over the previous month, which was up from the flat reading seen in September and marked a three-month high. According to Statistics South Africa, October’s result mainly reflects higher prices for food and non-alcoholic beverages.

Inflation inched up from 4.6% in September to 4.7% in October, which also marked a three-month high. As a result, inflation is still within the Central Bank’s target range of 3.0%–6.0%. Annual average inflation inched down from September’s 4.8% to 4.7% in October, the lowest reading since October 2011.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.2% over the previous month, which was below the 0.4% increase observed in September. Finally, core inflation inched down from 5.6% in September to 5.5% in October.

The Central Bank expects inflation to average 4.7% in 2015 and 6.2% in 2016. FocusEconomics Consensus Forecast panelists expect inflation to average 4.7% in 2015, which is down 0.1 percentage points from last month’s forecast. In 2016, the panel sees average inflation of 5.9%, which is unchanged from last month’s estimate.


Author:, Senior Economist

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South Africa Inflation Chart


South Africa Inflation October 2015

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


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