South Africa Inflation December 2019

South Africa

South Africa: Inflation rises in December

January 22, 2020

Consumer prices rose 0.3% in December, up from a 0.1% increase in November. The reading reflected higher prices for non-durable goods and services.

Inflation climbed to 4.0% from November’s 3.6%, which had marked the lowest print since February 2011. Thus, inflation moved closer to the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. Meanwhile, core inflation edged down to 3.8% in December (November: 3.9%), while annual average inflation eased to 4.1% (November: 4.2%).

The SARB sees inflation averaging 4.7% in 2020 and 4.6% in 2021. FocusEconomics Consensus Forecast panelists see inflation averaging 4.7% in 2020, which is unchanged from last month’s estimate, and 4.8% in 2021.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation December 2019

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


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