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 Rate (CPI, annual variation in %) 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 |