South Africa Inflation November 2019

South Africa

South Africa: Inflation slides to over eight-year low in November

December 11, 2019

Consumer prices rose 0.1% in November, after coming in flat a month prior. The reading reflected slightly higher prices for services and semi-durable goods.

Inflation edged down to 3.6% in November from 3.7% in October, thus moving further below the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. November’s print was the lowest since February 2011. Meanwhile, core inflation inched down to 3.9% in November (October: 4.0%). Lastly, annual average inflation edged down to 4.2% from 4.3% in October.

The SARB sees inflation averaging 5.1% in 2020 and 4.7% in 2021. FocusEconomics Consensus Forecast panelists see inflation averaging 4.7% in 2020, which is down 0.2 percentage points from last month’s estimate, and 4.8% in 2021.


Author:, Economist

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South Africa Inflation Chart


South Africa Inflation November 2019

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


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