Inflation in South Africa
South Africa - Inflation (end of period)
Inflation lands at SARB’s midpoint target in May
Consumer prices increased 0.3% month-on-month in May, down from 0.6% in April. May’s outturn was attributable mainly to rising fuel costs. Core consumer prices, in turn, were flat from April (April: +0.3% month-on-month).
Inflation picked up to 4.5% (April: 4.4%), landing at the midpoint of the South African Reserve Bank’s (SARB) target band of 3.0%–6.0%. Core inflation, meanwhile, was stable from April at 4.1%. Lastly, annual average inflation was stable from April at 4.6%.
The SARB sees inflation averaging 4.8% in 2019 and 5.3% in 2020. FocusEconomics Consensus Forecast panelists see inflation averaging 4.6% in 2019, which is down 0.2 percentage points from last month’s forecast. Our panel sees inflation averaging 5.2% in 2020.
South Africa - Inflation (eop) Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %, eop) | 5.4 | 5.3 | 5.3 | 6.7 | 4.7 |
South Africa Inflation (eop) Chart
Source: Statistics South Africa.
South Africa Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 8.03 | 0.29 % | Jul 11 |
| Exchange Rate | 13.94 | -0.21 % | Jul 11 |
| Stock Market | 0.1 | -0.44 % | Jul 11 |
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Economic News
South Africa: SARB cuts rate by 25 basis points amid precarious economic conditions
July 18, 2019
At its meeting ending 18 July, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) unanimously opted to cut the repurchase rate by 25 basis points to 6.50%, after holding rates for eight months.
South Africa: Manufacturing output loses steam in May
July 11, 2019
The manufacturing sector decelerated in May, with the annual growth of production slowing to 1.0% from a revised 4.3% expansion in April (previously reported: +4.6% year-on-year).
South Africa: Business conditions deteriorate at a softer rate in June
July 3, 2019
In June, the IHS Markit Purchasing Managers’ Index (PMI) rose from 49.3 in May to 49.7 in June.
South Africa: Inflation lands at SARB’s midpoint target in May
June 19, 2019
Consumer prices increased 0.3% month-on-month in May, down from 0.6% in April.
South Africa: Business conditions deteriorate in May
June 12, 2019
In May, the Standard Bank Purchasing Managers’ Index (PMI) fell 1.0 point to 49.3 points.
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