South Africa’s inflation has been quite stable for the past years, levelling off between 3.2 and 6.9 percent, and is in fact expected to stabilize at around 4.5 percent in the future. South Africa is a mixed economy, generating most of its GDP through the services sector, especially tourism. However, the country struggles with unemployment and poverty.

Inflation who?

The inflation rate of a country is an important key factor to determine the country’s economic strength. It is calculated using the price increase of a defined product basket, containing goods and services on which the average consumer spends money throughout the year. They include, for example, expenses for groceries, clothes, rent, utilities, but also recreational activities, and raw materials (e.g. gas, oil), as well as federal fees and taxes. Some of these goods are more volatile than others – food prices, for example, are considered less reliable. The European Central Bank aims to keep inflation at around two percent in the long run.

What happened in 2016?

In 2016, South Africa’s inflation rate peaked at over 6.3 percent, and gross domestic product, and thus economic growth , took a hit, a sure indicator that something was affecting the country’s economic scaffolding: Low growth due to weak demand and an uncertain political future caused a crisis; then-President Jacob Zuma’s alleged mismanagement and unstable reign steeped in controversy and criminal charges even caused the economy’s outlook to be downgraded by ratings agencies. Zuma was relieved of his office in 2018 – ever since, inflation, GDP, and economic growth seem to have stabilized.

Inflation Rate in South Africa remained unchanged at 3.20 percent in February. This dataset provides - South Africa Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, Zambia had the highest estimated inflation (Consumer Price Index) recorded in Southern Africa, at 15 percent. Lesotho and Zimbabwe followed with 6.4 and six percent, respectively.

Inflation Expectations in South Africa decreased to 4.30 percent in the first quarter of 2025 from 4.50 percent in the fourth quarter of 2024. This dataset provides - South Africa Inflation Expectations- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Consumer Price Index CPI in South Africa increased to 101.20 points in February from 100.30 points in January of 2025. This dataset provides the latest reported value for - South Africa Consumer Price Index (CPI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SARB Forecast: Consumer Price Index: YoY data was reported at 5.400 % in 2020. This records a decrease from the previous number of 5.600 % for 2019. SARB Forecast: Consumer Price Index: YoY data is updated yearly, averaging 5.350 % from Dec 2017 (Median) to 2020, with 4 observations. The data reached an all-time high of 5.600 % in 2019 and a record low of 4.800 % in 2018. SARB Forecast: Consumer Price Index: YoY data remains active status in CEIC and is reported by South African Reserve Bank. The data is categorized under Global Database’s South Africa – Table ZA.I029: Consumer Price Index: Year on Year Growth: Forecast: South African Reserve Bank.

As of July 2024, the Consumer Price Index (CPI) in South Africa, an economic indicator providing information on the change of prices over time, was measured at 123.5 points regarding food products. This is symbolizing an increase of five points from the previous year.

The transportation sub-index of the CPI basket in South Africa increased to 101.20 points in February of 2025 from 100.10 points in January of 2025. This dataset provides - South Africa Cpi Transportation- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about South Africa Core CPI Change

• South Africa Core CPI Change was reported at 3.512 % in Jan 2025.
• This records a decrease from the previous number of 3.520 % for Dec 2024.
• South Africa Core CPI Change data is updated monthly, averaging 4.552 % from Jan 2009 to Jan 2025, with 193 observations.
• The data reached an all-time high of 8.457 % in May 2009 and a record low of 2.497 % in Mar 2021.
• South Africa Core CPI Change data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Core CPI: Y-o-Y Growth: Monthly.

CEIC calculates Core Consumer Price Index Growth from monthly Core Consumer Price Index. Statistics South Africa provides Core Consumer Price Index Growth with base December 2024=100. Core Consumer Price Index covers Urban areas only as it is the official index used for inflation calculation in South Africa. Core Consumer Price Index excludes Food, Non Alcoholic Beverages, Petrol and Energy.

As of November 2023, the Consumer Price Index (CPI) in South Africa, an economic indicator providing information on the change of prices over time, was measured at 124.8 points regarding electricity and other fuels. This is an increase of 16.5 points from the previous year.

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

South Africa CPI Inflation Expectation: Households: Average Price Increase data was reported at 5.580 % in Jun 2018. This records an increase from the previous number of 5.167 % for Mar 2018. South Africa CPI Inflation Expectation: Households: Average Price Increase data is updated quarterly, averaging 6.662 % from Sep 2000 (Median) to Jun 2018, with 72 observations. The data reached an all-time high of 11.400 % in Dec 2009 and a record low of 3.100 % in Mar 2005. South Africa CPI Inflation Expectation: Households: Average Price Increase data remains active status in CEIC and is reported by Bureau for Economic Research. The data is categorized under Global Database’s South Africa – Table ZA.I049: Inflation Expectation.

CPI Housing Utilities in South Africa remained unchanged at 100.10 points in February. This dataset provides - South Africa Cpi Housing & Utilities- actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of November 2023, the Consumer Price Index (CPI) in South Africa, an economic indicator providing information on the change of prices over time, was measured at 111 points regarding medical services. This is an increase of six points from the previous year.

As of July 2024, the Consumer Price Index (CPI) in South Africa, an economic indicator providing information on the change of prices over time, was measured at 106.5 points regarding clothing and footwear. This is symbolizing an increase of two points from the previous year.

South Africa CPI Inflation Expectation: All Participants: Five Years Ahead data was reported at 5.499 % in Sep 2018. This records an increase from the previous number of 5.378 % for Jun 2018. South Africa CPI Inflation Expectation: All Participants: Five Years Ahead data is updated quarterly, averaging 5.933 % from Sep 2011 (Median) to Sep 2018, with 29 observations. The data reached an all-time high of 6.300 % in Dec 2011 and a record low of 5.296 % in Mar 2018. South Africa CPI Inflation Expectation: All Participants: Five Years Ahead data remains active status in CEIC and is reported by Bureau for Economic Research. The data is categorized under Global Database’s South Africa – Table ZA.I049: Inflation Expectation.

As of October 2024, the Consumer Price Index (CPI) headline rate in South Africa, an economic indicator providing information on the overall change in the price of goods and services purchased by households over time, was measured at 2.8 points. This showed a decrease of one point from the previous month. Since January 2020, the CPI headline rate has fluctuated, however, a decreasing trend can be observed from February 2024.

CPI Price, nominal in South Africa was reported at 209 in 2025, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Africa - CPI Price, nominal - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

South Africa CPI Inflation Expectation: Business Representative: Two Years Ahead data was reported at 5.801 % in Sep 2018. This records an increase from the previous number of 5.703 % for Jun 2018. South Africa CPI Inflation Expectation: Business Representative: Two Years Ahead data is updated quarterly, averaging 6.400 % from Sep 2000 (Median) to Sep 2018, with 73 observations. The data reached an all-time high of 8.831 % in Jun 2008 and a record low of 4.000 % in Jun 2005. South Africa CPI Inflation Expectation: Business Representative: Two Years Ahead data remains active status in CEIC and is reported by Bureau for Economic Research. The data is categorized under Global Database’s South Africa – Table ZA.I049: Inflation Expectation.

Inflation across Sub-Saharan Africa has regularly fluctuated since the year 2000. In 2023, it is estimated that inflation had reached 17.58 percent, marking the largest annual change since the 2008 recession; however it is estimated that inflation will fall steadily in the coming years.