South Africa Inflation

South Africa

South Africa: Inflation picks up in March

April 22, 2015

In March, consumer prices rose 1.43% over the previous month, which followed February’s 0.63% increase. March’s figure marked the fastest increase since March 2008. According to Statistics South Africa, March’s result reflects higher prices for food and non-alcoholic beverages.

Annual inflation rose from 3.9% in February to 4.1% in March. As a result, inflation remains within the Central Bank’s target range of 3.0%-6.0%. Annual average inflation fell from February’s 5.8% to 5.6% in March, thus reaching the lowest level since June 2013.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 1.1% over the previous month, which was below the 1.3% increase observed in February. Annual core inflation inched down from 5.9% in February to 5.7% in March.

The Central Bank expects inflation to average 5.3% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 5.6% in 2015, which is unchanged from last month’s forecast. In 2016, the panel sees average inflation of 5.8%.


Author:, Senior Economist

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South Africa Inflation Chart


South Africa Inflation March 2015 0

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


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