What is the Inflation Rate?
Inflation refers to an overall increase in the Consumer Price Index (CPI), which is a weighted average of prices for different goods.
What Is the Inflation Rate In South Africa?
Annual consumer inflation slumped to 4,7% in July from 5,4% in June. This is the lowest reading since July 2021, when the rate was 4,6%.
Consumer prices increased on average by 0,9% between June 2023 and July 2023. This is up from the monthly rise of 0,2% recorded in both May and June.
Is South Africa experiencing inflation?
Statistics South Africa said headline consumer inflation slowed to 4.7% year-on-year in July from 5.4% in June (ZACPIY=ECI),
a bigger drop than the 5.0% year-on-year rate analysts polled by Reuters had predicted. On a month-on-month basis, consumer inflation was at 0.9% in July, versus expectations for 1.1%.
How is the Inflation Rate calculated In South Africa?
The consumer price index (CPI) is the official measure of consumer inflation in South Africa. The CPI is based on the total expenditure of all South African households in a particular year.
The proportions of this expenditure form the weights of the CPI.
Who calculates inflation in South Africa?
In South Africa, the standard measure of inflation is Statistics South Africa’s (Stats SA’s) consumer price index.