South Africa Inflation

South Africa

South Africa: Inflation stabilizes in September

October 21, 2015

In September, consumer prices were unchanged over the previous month, which matched August’s figure. According to Statistics South Africa, September’s result mainly reflects that higher prices for food offset lower prices for textiles.

Inflation was stable at August’s 4.6% in September, thus remaining at a three-month low. As a result, inflation is still within the Central Bank’s target range of 3.0%–6.0%. Annual average inflation inched down from August’s 4.9% to 4.8% in September, the lowest reading since October 2011.

Core consumer prices, which exclude prices for food, fuel and electricity, rose 0.4% over the previous month, which was above the 0.1% increase observed in August. Finally, annual core inflation inched up from 5.5% in August to 5.6% in September.

The Central Bank expects inflation to average 5.3% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 4.9% in 2015, which is up 0.1 percentage points from last month’s forecast. In 2016, the panel sees average inflation of 5.9%.


Author:, Senior Economist

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South Africa Inflation Chart


South Africa Inflation September 2015

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


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