South Africa Inflation June 2018

South Africa

South Africa: Inflation rises in June as rand tumbles

July 18, 2018

Consumer prices rose 0.4% from a month earlier in June, on the heels of May’s 0.2% rise. June’s reading was driven largely by rising fuel costs, while higher prices for housing and utilities contributed marginally. As such, core consumer prices—which exclude food and energy prices—rose 0.2% from a month earlier.

Inflation climbed to 4.6% from 4.4 in May, undershooting analysts’ expectations as upside risks from the weak rand—which had its worst month in more than two years in June—failed to entirely materialize. Meanwhile, core inflation eased, dipping to 4.2% in June from 4.4%. For its part, annual average inflation ticked down to 4.5% from 4.6%.

FocusEconomics Consensus Forecast panelists see inflation averaging 5.1% in 2018, which is unchanged from last month’s forecast. For 2019, the panel sees inflation averaging 5.3%.


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South Africa Inflation Chart

South Africa Inflation June 2018

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

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