South Africa Inflation July 2022

South Africa

South Africa: Inflation accelerates to over 13-year high in July

August 24, 2022

Consumer prices increased 1.54% in July over the previous month, picking up from June's 1.07% increase. July's uptick was the highest reading since January 2008. The result was largely driven by increasing prices for housing and utilities. In addition, price pressures for transportation increased at a faster rate.

Inflation came in at 7.8% in July, up from June’s 7.4%. July's result was the highest inflation rate since April 2009. Consequently, the trend pointed up slightly, with annual average inflation coming in at 5.9% in July (June: 5.7%). Lastly, core inflation ticked up to 4.6% in July, from June’s 4.4%.

FocusEconomics Consensus Forecast panelists see inflation averaging 6.6% in 2022, which is up 0.2 percentage points from last month’s estimate, and 5.1% in 2023.


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South Africa Inflation July 2022

Note: Annual and monthly variation of consumer prices index in %.
Source: Statistics South Africa (Stats SA) and FocusEconomics calculations


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