South Africa

Inflation in South Africa

South Africa Inflation

Inflation falls to 20-month low in June

Inflation eased to 5.4% in June from May’s 6.3%. June’s result represented the weakest inflation rate since October 2021 and marked the first time inflation reentered the South African Reserve Bank’s 3.0–6.0% target range since April 2022. Looking at the details of the release, the moderation chiefly reflected slower growth in prices for food and non-alcoholic beverages and transport, with the latter growing a far-milder 1.8% year on year in June (May: +7.0% yoy). These developments more than offset stronger price increases for housing and utilities.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 7.0% in June (May: 7.2%). Meanwhile, core inflation edged down to 5.0% in June from the previous month’s 5.2%.

Finally, consumer prices rose 0.18% in June over the previous month, matching May’s reading. June’s result was the softest rise in prices since January.

South Africa Inflation Chart

This chart displays Inflation (CPI, ann. var. %, aop) for South Africa from 2013 to 2022.

South Africa Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 4.6 4.1 3.3 4.6 6.9
Inflation (CPI, ann. var. %, eop) 4.5 4.0 3.1 5.9 7.2
Inflation (PPI, ann. var. %, aop) 5.4 4.6 2.5 7.1 14.4

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