South Africa Inflation July 2019

South Africa

South Africa: Inflation slides to six-month low in July

August 21, 2019

Consumer prices rose 0.4% over the previous month in July, matching June’s month-on-month upturn. July’s print reflected a faster rise in the prices for housing and utilities, which more than offset a marked fall in transport costs. Core consumer prices, also, jumped 0.4% in July, mirroring June’s result.

Meanwhile, inflation slid to 4.0% in July from 4.5% in June, thus moving below the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. July’s reading was the lowest in six months. Core inflation, fell to 4.2% in July from 4.3% in June. meanwhile, edged up to 4.3% from 4.1% in May. Lastly, annual average inflation inched down to 4.5% from 4.6% in June.

The SARB sees inflation averaging 4.4% in 2019 and 5.1% in 2020. FocusEconomics Consensus Forecast panelists see inflation averaging 4.5% in 2019, which is down 0.1 percentage points 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 July 2019

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


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