South Africa Inflation October 2016

South Africa

South Africa: Inflation increases in October

November 23, 2016

In October, consumer prices increased 0.49% from the previous month, which followed September’s 0.16% increase, thus marking the highest reading in three months. According to Statistics South Africa, October’s result mainly reflected higher prices for food and non-alcoholic beverages.

Inflation increased from 6.1% in September to 6.4% in October and hit the highest figure in eight months. This brings inflation further above the upper threshold of the Central Bank’s target range of 3.0%–6.0%. Annual average inflation edged up from 5.9% in September to 6.1% in October.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.2% over the previous month, which was above the 0.3% increase observed in the previous month. Finally, annual core inflation inched up from 5.7% in September to 5.8% in October.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.9% in 2017, which is unchanged from last month’s forecast. In 2018, the panel sees average inflation of 5.7%.

Author:, Senior Economist

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South Africa Inflation Chart

South Africa Inflation October 2016

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

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