Latest reading: Harmonized inflation ticked up to 1.8% in December, following November’s 1.7% and below the Euro area average. The...
Inflation in South Africa
South Africa experienced consistently high inflation rates over the last decade. The decade was marked by economic challenges including currency volatility, wage pressures and energy shortages, which contributed to inflation. Despite various monetary policy interventions, inflation frequently exceeded 5%, driven by factors like energy supply shortages, wage pressures, inefficient markets and political instability.
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 2024.
Source: Macrobond.
South Africa Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 3.3 | 4.6 | 6.9 | 5.9 | 4.4 |
| Inflation (CPI, ann. var. %, eop) | 3.0 | 5.9 | 7.2 | 5.2 | 3.0 |
| Inflation (PPI, ann. var. %, aop) | 2.5 | 7.1 | 14.4 | 6.8 | 3.0 |
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 26 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 info@focus-economics.com.
Latest Global Inflation News
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France: Harmonized inflation rises in December -
Russia: Inflation shoots up in December Latest reading: Inflation jumped to 9.5% in December from November’s 8.9%, marking a near two-year high as sharp currency weakness... -
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Argentina: Inflation drops to lowest level since July 2023 in December Inflation drops to lowest level since July 2023 in December Latest reading: Latest reading: Inflation dropped to 117.8% in December,... -
Brazil: Inflation falls in December Latest reading: Inflation edged down to 4.8% in December, following November’s 4.9%. The print was in line with market expectations,... -
France: Harmonized inflation rises in November Latest reading: Harmonized inflation inched up to 1.7% in November from October’s 1.6%, but remained notably below the Euro area... -
Russia: Inflation shoots up in November Latest reading: Inflation rose to 8.9% in November from October’s 8.5%, surprising markets on the upside. November’s figure moved further...