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
South Africa Inflation Data
|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|