South Africa’s annual inflation rate fell for the 5th straight month in October, hitting a near four-year low of 2.8%, down from 3.8% in the prior month. Figures came slightly below market forecasts of 3.1%. Falling fuel prices remain the primary factor behind the slowdown. Petrol and diesel prices declined by 5.3% between September and October, taking the annual rate for fuel to -19.1%. Additionally, prices moderated for some CPI items, including restaurants & hotels (5.9% vs 7.4% in September); food & non-alcoholic beverages (3.6% vs 4.7%), alcoholic beverages & tobacco (4.5% vs 4.7%) and health (4.8% vs 5.1%). The core inflation rate, which excludes volatile items such as food, non-alcoholic beverages, fuels, and energy, eased to 3.9% in October, the lowest since April 2022, down from 4.1% in each of the previous two months. On a monthly basis, consumer prices edged down by 0.1% in October, marking the first decrease in almost a year, following a 0.1% increase in September. source: Statistics South Africa

Inflation Rate in South Africa decreased to 2.80 percent in October from 3.80 percent in September of 2024. Inflation Rate in South Africa averaged 8.61 percent from 1968 until 2024, 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. This page provides - South Africa Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Africa Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

Inflation Rate in South Africa decreased to 2.80 percent in October from 3.80 percent in September of 2024. Inflation Rate in South Africa is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Inflation Rate is projected to trend around 4.00 percent in 2025 and 4.60 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-10-23 08:00 AM
Inflation Rate YoY
Sep 3.8% 4.4% 3.9% 4.1%
2024-11-20 08:00 AM
Inflation Rate YoY
Oct 2.8% 3.8% 3.1% 3.6%
2024-12-11 08:00 AM
Inflation Rate YoY
Nov 2.8%


Related Last Previous Unit Reference
Consumer Price Index CPI 116.00 116.10 points Oct 2024
Core Consumer Prices 113.50 113.30 points Oct 2024
Core Inflation Rate YoY 3.90 4.10 percent Oct 2024
Core Inflation Rate MoM 0.20 0.30 percent Oct 2024
CPI Housing Utilities 114.60 114.60 points Oct 2024
CPI Transportation 113.70 115.40 points Oct 2024
Food Inflation 3.60 4.70 percent Oct 2024
Inflation Rate YoY 2.80 3.80 percent Oct 2024
Inflation Rate MoM -0.10 0.10 percent Oct 2024
PPI MoM -0.30 -0.30 percent Sep 2024
Producer Prices 101.20 101.50 points Sep 2024
PPI YoY 1.00 2.80 percent Sep 2024

South Africa Inflation Rate
In South Africa, the most important categories in the Consumer Price Index are: Housing & Utilities (23% of the total weight), Food & Non-alcoholic Beverages (19%), and Transport (15%). Others include: Miscellaneous Goods & Services (15%), Alcoholic Beverages & Tobacco (6%), Recreation & Entertainment (5%), Household Contents, Equipment & Maintenance (4%), Clothing & Footwear (4%), Restaurants & Hotels (3%), Education (2%), and Communications (2%).
Actual Previous Highest Lowest Dates Unit Frequency
2.80 3.80 20.70 0.20 1968 - 2024 percent Monthly


News Stream
South Africa Inflation Rate Slips to Over 4-Year Low
South Africa’s annual inflation rate fell for the 5th straight month in October, hitting an over four-year low of 2.8%, down from 3.8% in the prior month. Figures came slightly below market forecasts of 3.1%. Falling fuel prices remain the primary factor behind the slowdown. Petrol and diesel prices declined by 5.3% between September and October, taking the annual rate for fuel to -19.1%. Additionally, prices moderated for some CPI items, including restaurants & hotels (5.9% vs 7.4% in September); food & non-alcoholic beverages (3.6% vs 4.7%), alcoholic beverages & tobacco (4.5% vs 4.7%) and health (4.8% vs 5.1%). The core inflation rate, which excludes volatile items such as food, non-alcoholic beverages, fuels, and energy, eased to 3.9% in October, the lowest since April 2022, down from 4.1% in each of the previous two months. On a monthly basis, consumer prices edged down by 0.1% in October, marking the first decrease in almost a year, following a 0.1% increase in September.
2024-11-20
South Africa Inflation Rate Lowest Since 2021
Annual inflation rate in South Africa fell for a fourth consecutive month to 3.8% in September 2024, the lowest since March 2021, from 4.4% in February and below forecasts of 3.9%. The main downward contribution came from transport costs which declined for the first time in 13 months (-1.1% vs 2.8% in August), mainly due to fuel (-9%). A litre of inland 95-octane petrol was ZAR 22,19, the lowest since February 2023. Price increases for vehicles have also slowed (3.6% vs 8.4% a year ago). Meanwhile, cost of food and non-alcoholic beverages rose 4.7%, the same as in August. Softer annual rates were recorded for hot beverages; meat; bread & cereals; while vegetables, fruit, recorded higher inflation rates. In addition, cost of housing and utilities rose 4.8%, the same as in August but prices rose faster for alcoholic beverages & tobacco (4.7% vs 4.3%). Compared to the previous month, the CPI edged up 0.1%, the same as in August. Annual core inflation steadied at 4.1%.
2024-10-23
South Africa Inflation Rate Dips Below SARB's Target
South Africa’s annual inflation rate eased for the third month to 4.4% in August 2024, down from 4.6% in the prior month and below the expected 4.5%. This marks the lowest inflation rate since April 2021, falling just below the South African Reserve Bank's preferred midpoint target of 4.5%. Lower annual inflation rates were observed across several product groups, most notably in transport (2.8% vs 4.2% in July), namely fuels (1.8% vs 4.5%), housing & utilities (4.8% vs 5.3%), and restaurants & hotels (6.6% vs 7.1%). However, prices accelerated mostly for food & non-alcoholic beverages (4.7% vs 4.5%) and alcoholic beverages and tobacco (4.3% vs 3.8%). The annual core inflation rate, which excludes volatile items such as food, non-alcoholic beverages, fuels, and energy, eased further to 4.1% in August 2024, the lowest since May 2022, down from 4.3% in the previous month. On a monthly basis, consumer prices rose by 0.1% in August, following a 0.4% increase in July.
2024-09-18