South Africa Inflation

South Africa

South Africa: Inflation reaches lowest level in over a year

January 21, 2015

In December, consumer prices fell 0.18% over the previous month, which was below the flat reading seen in November. According to Statistics South Africa, December’s result reflects lower prices for food as well as non-alcoholic beverages.

Annual inflation fell from 5.8% in November to 5.3% in December, thus recording the lowest level since November 2013. Inflation remains within the Central Bank’s target range of 3.0%-6.0%. Annual average inflation was stable at November’s 6.1% in December.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.2% over the previous month, which was above the 0.1% increase observed in the previous month. Annual core inflation inched down from 5.8% in November to 5.7% in December.

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 December 2014

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


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