South Africa

South Africa Inflation

South Africa Inflation

Inflation in South Africa

South Africa experienced consistently high inflation rates from 2013 to 2022. The decade was marked by economic challenges, including currency volatility, wage pressures and energy shortages, which contributed to the inflationary pressures.

Consumer price inflation in South Africa averaged 5.2% in the ten years to 2022, below the Sub-Saharan Africa regional average of 9.4%. The 2022 average figure was 6.9%. For more inflation information, visit our dedicated page.

South Africa Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for South Africa from 2014 to 2023.
Source: Statistics South Africa.

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) 5.5 4.6 2.5 7.1 14.4

Inflation drops to lowest level since August in December

Inflation dropped to 5.1% in December, following November’s 5.5%. December's result marked the lowest inflation rate since August. Looking at the details of the release, the moderation was largely driven by slower increases in prices for food and beverages, as well as for transportation. These more than offset a stronger rise in housing and utilities prices. Accordingly, the trend pointed down mildly, with annual average inflation coming in at 5.9% in December (November: 6.1%). Meanwhile, core inflation was unchanged, coming in at November's 4.5% in December. Finally, consumer prices were unchanged over the previous month in December, after November's 0.09% drop.

Inflation eased for the second consecutive month in December but should be picking up from December’s level in Q1 2024. It will then gradually ease after Q1, receding to the mid-point of the South African Reserve Bank (SARB)’s 3.0–6.0% target band by Q4. Disinflationary pressures will stem from a high base effect, the lagged impact of elevated interest rates throughout 2023 and a weaker pace of depreciation of the rand. That said, additional increases in electricity taxes pose an upside risk.

Looking further ahead, analysts at the EIU added: “Barring new domestic and global shocks, inflation will […] stay comfortably within the SARB's target range (apart from any temporary breaches), underpinned by a steady decline in global oil prices, prudent monetary policy and smoother global logistics.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects South African inflation projections for the next ten years from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for South African inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our South African inflation projections.

Want to get access to the full dataset of South African inflation forecasts? Send an email to

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