South Africa Inflation June 2019

South Africa

South Africa: Inflation remains stable at SARB's midpoint target in June

July 24, 2019

Consumer prices rose 0.4% over the previous month in June, marginally up from a 0.3% month-on-month upturn in May. June’s print was underpinned by a faster climb in the prices for food and non-alcoholic beverages, and housing and utilities. Core consumer prices, in turn, increased 0.4% in June, following a flat reading in May.

Inflation, on the other hand, was steady from May at 4.5% in June, remaining at the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. Core inflation, meanwhile, edged up to 4.3% from 4.1% in May. Lastly, annual average inflation was stable from May at 4.6%.

The SARB sees inflation averaging 4.8% in 2019 and 5.3% in 2020. FocusEconomics Consensus Forecast panelists see inflation averaging 4.6% in 2019, which is unchanged from last month’s forecast. Our panel sees inflation averaging 5.0% in 2020.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation June 2019 1

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


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