The annual inflation rate in South Africa rose to 5.2 percent in November of 2018 from 5.1 percent in the previous month while markets had expected it to remain steady at 5.1 percent. It is the highest inflation rate since May 2017, as prices continued to climb mainly for transport. Inflation Rate in South Africa averaged 9.05 percent from 1968 until 2018, reaching an all time high of 20.70 percent in January of 1986 and a record low of 0.20 percent in January of 2004.

Inflation Rate in South Africa is expected to be 4.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in South Africa to stand at 5.60 in 12 months time. In the long-term, the South Africa Inflation Rate is projected to trend around 5.40 percent in 2020, according to our econometric models.

South Africa Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-19 08:00 AM Inflation Rate YoY 4.9% 5.1% 5.2% 5.2%
2018-10-24 08:00 AM Inflation Rate YoY 4.9% 4.9% 4.9% 5.1%
2018-11-21 08:00 AM Inflation Rate YoY 5.1% 4.9% 5.1% 5.3%
2018-12-12 08:00 AM Inflation Rate YoY 5.2% 5.1% 5.1% 5.0%
2019-01-23 08:00 AM Inflation Rate YoY 5.2% 4.70%
2019-02-20 08:00 AM Inflation Rate YoY
2019-03-20 08:00 AM Inflation Rate YoY



South Africa Inflation Rate at 1-1/2-Year High of 5.2%



The annual inflation rate in South Africa rose to 5.2 percent in November of 2018 from 5.1 percent in the previous month while markets had expected it to remain steady at 5.1 percent. It is the highest inflation rate since May 2017, as prices continued to climb mainly for transport.

Year-on-year, prices rose faster mainly for transport (10.7 percent from 10.5 percent in October), namely private transport operation (19.2 percent from 18.8 percent) amid rising cost of fuels (23.1 percent from 22.8 percent); and miscellaneous goods & services (5.5 percent from 5.4 percent), of which personal care (1.8 percent  from 0.8 percent). Additional upward pressure came from prices of: health (5.1 percent from 5.0 percent); alcoholic beverages & tobacco (4.8 percent from 4.2 percent); household contents and services (3.4 percent from 3.0 percent); recreation & culture (0.9 percent from 0.7 percent) and communication (1.4 percent from 1.2 percent).

On the other hand, inflation was steady for food & non-alcoholic beverages (3.4 percent); housing & utilities (5.2 percent) and education (6.7 percent). Also, cost slowed for restaurants & hotels (4.1 percent from 4.2 percent) and clothing & footwear (1.8 percent from 2.0 percent).

Annual core inflation rate, which excludes cost of food, non-alcoholic beverages, fuel and energy, rose to 4.4 percent in November 2018 from 4.2 percent in October and slightly above market consensus of 4.3 percent. It is the highest rate since May. Compared to the previous month, core consumer prices increased 0.2 percent, compared to a 0.1 percent gain in October and market expectations of a 0.1 percent rise.

On a monthly basis, consumer prices went up 0.2 percent, following a 0.5 percent rise in October and above market expectations of a 0.1 percent gain. Prices slowed mostly for transport (0.6 percent from 2.6 percent), due to fuels (1.1 percent from 6.1 percent) while they increased slightly for food & non-alcoholic beverages (0.4 percent from 0.3 percent), pushed up by cost of fruit (4.3 percent from 2.0 percent).


Statistics South Africa | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
12/12/2018 8:55:59 AM



South Africa Prices Last Previous Highest Lowest Unit
Inflation Rate 5.20 5.10 20.70 0.20 percent [+]
Inflation Rate Mom 0.20 0.50 6.70 -0.70 percent [+]
Consumer Price Index CPI 109.60 109.40 109.60 1.20 Index Points [+]
Core Consumer Prices 108.50 108.30 108.50 63.30 Index Points [+]
Core Inflation Rate 4.40 4.20 8.30 2.90 percent [+]
Producer Prices 111.70 111.30 219.40 4.10 Index Points [+]
Producer Prices Change 6.80 6.90 8.80 2.61 percent [+]
Export Prices 156.70 151.10 156.70 0.60 Index Points [+]
Import Prices 149.20 141.70 149.20 1.20 Index Points [+]
Food Inflation 3.40 3.90 15.60 0.60 percent [+]
Inflation Expectations 5.59 5.42 8.72 3.90 Percent [+]
CPI Housing Utilities 109.40 109.40 109.40 56.80 Index Points [+]
CPI Transportation 116.00 115.30 116.90 81.70 Index Points [+]


South Africa Inflation Rate

In South Africa, the most important categories in the consumer price index are Housing and Utilities (24.5 percent of total weight), Transport (16.4 percent) and Food and Non-Alcoholic Beverages (15.4 percent). Others include: Miscellaneous Goods and Services such as personal care, Insurance and Finance (14.7 percent); Alcoholic Beverages and Tobacco (5.4 percent); Household Contents, Equipment and Maintenance (4.8 percent); Recreation and Culture (4.1 percent); Clothing and Footwear (4.1 percent). Restaurants and Hotels, Education, Communication and Health account for the remaining 10 percent. The CPI basket was revised in January of 2013. This page provides - South Africa Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Inflation Rate - actual data, historical chart and calendar of releases - was last updated on December of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
5.20 5.10 20.70 0.20 1968 - 2018 percent Monthly




Country Last Previous
Argentina 48.00 Nov/18
Australia 1.90 Sep/18
Brazil 4.05 Nov/18
Canada 2.40 Oct/18
China 2.20 Nov/18
Euro Area 2.00 Nov/18
France 1.90 Nov/18
Germany 2.30 Nov/18
India 2.33 Nov/18
Indonesia 3.23 Nov/18
Italy 1.60 Nov/18
Japan 1.40 Oct/18
Mexico 4.72 Nov/18
Netherlands 2.00 Nov/18
Russia 3.80 Nov/18
Saudi Arabia 2.40 Oct/18
Singapore 0.70 Oct/18
South Africa 5.20 Nov/18
South Korea 2.00 Nov/18
Spain 1.70 Nov/18
Switzerland 0.90 Nov/18
Turkey 21.62 Nov/18
United Kingdom 2.40 Oct/18
United States 2.20 Nov/18


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