South Africa Inflation

South Africa

South Africa: Inflation reaches a four-month high in April

May 20, 2015

In April, consumer prices rose 0.88% over the previous month, which followed March’s 1.43% increase. March’s figure had marked the fastest increase since March 2008. According to Statistics South Africa, April’s result reflects higher prices for food and non-alcoholic beverages.

Inflation rose from 4.1% in March to 4.5% in April, thus hitting a four-month high. As a result, inflation remains within the Central Bank’s target range of 3.0%-6.0%. Annual average inflation fell from March’s 5.6% to 5.5% in April, the lowest reading since February 2012.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.3% over the previous month, which was below the 1.1% increase observed in March. Annual core inflation was stable at the previous month’s 5.7%.

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 April 2015

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


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