South Africa Inflation January 2016

South Africa

South Africa: Inflation increases further in January

January 25, 2016

In January, consumer prices increased 0.77% over the previous month, which came in above December’s 0.26% increase. According to Statistics South Africa, January’s result mainly reflected higher prices for food and housing.

Inflation increased from 5.2% in December to 6.2% in January, thus hitting the highest level in over a year. As a result, inflation is now above the Central Bank’s target range of 3.0%–6.0%. Annual average inflation inched up from 4.6% in December to 4.7% in January, thus reaching the highest reading in four months.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.6% over the previous month, which was above the 0.3% increase observed in December. Finally, annual core inflation inched up from 5.6% in December to 5.8% in January.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.9% in 2016, which is unchanged from last month’s forecast. In 2017, the panel sees average inflation of 5.7%.

Author:, Senior Economist

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South Africa Inflation Chart

South Africa Inflation January 2016 0

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

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