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.

The average inflation rate in Southern Africa was projected at seven percent in 2022. This represented a decrease in comparison to the previous years. In 2020, the rate reached a peak at 12 percent.

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.

This dataset provides values for INFLATION RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

As of June 2020, the projected inflation rate in South Africa for the same year was revised to 5.2 percent, after the fallout of the coronavirus outbreak. The projection was done under the assumption of a worst-case scenario, where the pandemic persists to the end of 2020. Before the occurrence of COVID-19, the inflation rate was expected at 4.7 percent.

On the other hand, the inflation rate for 2021 was reviewed to 4.6 percent, in a worst-case scenario, whereas the previous outlook (before the pandemic) was at five percent.

Zimbabwe had the highest inflation in Africa as of 2023. The rate reached roughly 172 percent when compared to the previous year, according to the source's estimates. This was followed by Sudan, with a rate increase of over 71 percent. Inflationary pressures in the country have been driven by a long-running economic crisis and political instability. By the end of 2021, the already fragile Sudanese economy suffered again when military forces took control of the government. With a

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.

Kenya's inflation rate decreased to 3.6 percent in September 2024. The indicator measure price variations in goods and services compared to the same month one year earlier. In September 2023, inflation in Kenya stood at 6.8 percent. The current country’s Consumer Price Index (CPI) increased by 0.26 percent compared to the previous month, mainly due to higher prices in food and transport. For 2023, projections indicated that the annual average inflation for Kenya would be above above the rate projected in other African countries, such as South Africa and Tanzania, at almost eight percent. Inflation accelerated by food prices Kenyans feel the inflation effects mostly on groceries since food and non-alcoholic beverages account for roughly one-third of the household expenditure. As of May 2022, the category recorded a surge in prices of 12.4 percent. Furthermore, a deep look into food prices variations in Kenya reveals that vegetables, tubers, plantains, cooking bananas, and pulses were 20 percent more expensive in 2020, compared to 2019. Fruits and nuts recorded an inflation rate of 18.2 percent in the same period. Impacts on food security Fluctuating food prices in Kenya also depend on the varying domestic agricultural output. Particularly, when weather conditions are unfavorable, crop outputs are affected and, consequently, food prices increase - a scenario contributing to the persistence of food insecurity. For instance, around eight million people lacked sufficient food for consumption in Kenya as of November 2021.

Core consumer prices in South Africa increased 3.40 percent in February of 2025 over the same month in the previous year. This dataset provides the latest reported value for - South Africa Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The inflation rate for both Africa, the Middle East, and Latin America and the Caribbean reached more than 12 percent in 2023. Among the provided continents or regions, Asia and the Pacific had the lowest inflation rate that year. Consumer prices increased around the world following the COVID-19 pandemic and the Russian invasion of Ukraine. Inflation and food security Increases in food costs are one of the most prominent impacts of inflation globally. In the United Kingdom, for example, consumers have indicated that they have worried more about food costs in 2023 than in previous years. Meanwhile, in Canada, only a small fraction of survey respondents have said that inflation has had little impact on household food costs. Consumers have responded to rising food costs through various coping mechanisms. For example, Italian consumers have indicated that they purchase less unnecessary products, cut down on waste, and buy more discounted items in order to save costs. Changing consumer behvaiors Outside of food consumption, consumers have changed their purchasing behaviors with other types of goods and services. Surveying has indicated that nearly 60 percent of consumers have adjusted their shopping habits due to inflation. When holiday shopping in 2023, over 50 percent of Americans and over one third of British consumers said inflation had considerable impact on their holiday shopping. By generation, the Millenial generation has suffered the most due to rising inflation, while older generations have experienced less serious impacts.

Abstract

The CPI is a current social and economic indicator constructed to measure changes over time in the general level of prices of consumer goods and services that households acquire, use, or pay for. The index measures changes in consumer prices over time by measuring the cost of purchasing a fixed basket of consumer goods and services of constant quality and similar characteristics. The products in the basket are selected to be representative of households' expenditure during a specific year. Such an index is called a fixed-basket price index. Changes in the index reflect the effects of price changes on the cost of achieving a constant standard of living.

The South African CPI has three equally important objectives: 1. To measure inflation in the economy so that macroeconomic policy is based on comprehensive and up-to-date price information. 2. To measure changes in the cost of living of South African households to promote equity in measures taken to adjust wages, grants, service agreements and contracts. 3. To provide a deflator for consumer expenditure in the national accounts and other economic data, to compute volume (as opposed to nominal) estimates.

In compiling the South African CPI, Stats SA largely follows the methodology guidelines in the 2020 Consumer Price Index Manual: Concepts and Methods published jointly by the International Monetary Fund, International Labour Organization, Statistical Office of the European Union, United Nations Economic Commission for Europe, Organisation for Economic Co-operation and Development, and World Bank.

Kind of data

Time-Series

The Gross Domestic Product (GDP) in South Africa expanded 0.60 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - South Africa GDP Growth Rate - 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.

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.

Key information about South Africa Producer Price Index Growth

• South Africa Producer Price Index (PPI) grew 1.1 % YoY in Jan 2025, compared with a growth of 0.7 % YoY in the previous month.
• South Africa Producer Price Index data is updated monthly, available from Jan 2013 to Jan 2025, with an average change of 5.5 % YoY.
• The data reached an all-time high of 18.0 % YoY in Jul 2022 and a record low of -0.7 % YoY in Oct 2024.

CEIC calculates Producer Price Index Growth from monthly Producer Price Index. Statistics South Africa provides Producer Price Index with base December 2023=100. Producer Price Index Growth covers Final Manufactured Goods only.

Producer Prices in South Africa increased 1.10 percent in January of 2025 over the same month in the previous year. This dataset provides the latest reported value for - South Africa Producer Prices Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As of March 2020, the Consumer Price Index (CPI) in South Africa, an economic indicator providing information on the change of prices over time, was measured at 123.9 points regarding petrol. This is symbolizing an increase of 6.5 points from the previous year.

South Africa GNP for was $0.00, a 100% decline from 2023.

• South Africa GNP for 2023 was 407.58 billion US dollars, a 0.38% increase from 2022.
• South Africa GNP for 2022 was 406.04 billion US dollars, a 4.48% increase from 2021.
• South Africa GNP for 2021 was 388.63 billion US dollars, a 8.08% increase from 2020.

GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.

South Africa GNI for was $0.00, a 100% decline from 2023.

• South Africa GNI for 2023 was 407.58 billion US dollars, a 0.38% increase from 2022.
• South Africa GNI for 2022 was 406.04 billion US dollars, a 4.48% increase from 2021.
• South Africa GNI for 2021 was 388.63 billion US dollars, a 8.08% increase from 2020.

GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.