South Africa Inflation November 2018

South Africa

South Africa: Inflation notches 18-month high in November

December 12, 2018

Consumer prices climbed 0.2% from the previous month in November, down from October’s 0.5% increase. A slower rise in fuel costs was behind the reading. To that effect, core consumer prices—which exclude food and energy prices—rose 0.2%, up from 0.1% in October.

Inflation edged up to 5.2% (October: 5.1%), landing both within the South African Reserve Bank (SARB)’s target band of 3.0%–6.0% and in line with analysts’ expectations. Core inflation rose to 4.4% from 4.2% in October, while annual average inflation was stable from October at 4.6%.

South Africa Inflation Forecast


The SARB sees inflation averaging 5.5% in 2019 and 5.4% in 2020. FocusEconomics Consensus Forecast panelists see inflation averaging 5.3% in 2019, which is down 0.1 percentage points from last month’s forecast. The panel also projects average inflation at 5.3% in 2020.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation November 2018

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


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