Without enough supply to meet demand due to logistics disruptions, prices for goods have been pushed higher, which has driven inflation rates up in many markets and economies around the world. Gross external debt. World and Local News. But what is inflation? Here in South Africa, the agricultural producer price index for August showed that production costs had risen by 15% year-on-year. No Alerts & Closings in Your Area Sign Up to Get Future Alerts. Choose, Estimate, Decide . The Laspeyres formula is generally used. Production Cost Inflation: Current And Future Perspectives - Read online for free. South Africa's inflation rate accelerated to 6.5% in May 2022 compared to 5.9% recorded in the previous month. Thank you all for coming along and being (relatively) sensitive about the Rugby World Cup. FocusEconomics Consensus Forecast panelists see inflation averaging 5.4% in 2023, which is up 0.2 percentage points from last months estimate, and 4.5% in 2024. Softening the impact of inflation on your budget. We have found that South African corporate revenues have been encouraging during 2022 so far. An individual inflation basket represents the core goods and services that an individual usually spends their money on, compared to the official inflation basket, which represents the goods and services that the average South African spends their money on. The upskilling imperative for financial services firms. Offended by one-sided coverage of wars, disasters and disease, the founders of Africa.com created a website that provides a balanced view of Africa current events, business, arts & culture, travel, fashion, sports, information, development, and more. The Statistician-General of South Africa, Mr Risenga Maluleke, will release the findings of the Gender Series Volume IX: Women Empowerment, 2017-2022 report at a media briefing to be held on Tuesday, 18 October in Pretoria. Tuition revenue jumps as higher education recovers from COVID-19, The state of the electricity, gas & water supply industry (2021), The public-sector: Shy on infrastructure investment. Unlike many global publications, for nearly a decade we have been committed to showing a complete picture of Africa not just a single story. XAUUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, WTI Crude Oil: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, USDJPY: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, GBPUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, Gold wants a drama. But the rate has increased to 4.7% in 2021 and in mid-2022 to 7.4%. Stats SAs latest detailed survey of the industry provides updated data on finances, production and employment. The movements in price of this basket of goods are evaluated regularly. Read more 1 2 3 4 5 6 7 Monthly Inflation Rates (MoM) | 1958-2022 "With the South Africa Reserve Bank (SARB) recently hiking the repo rate by 25 basis points to 3.75%, placing the prime lending rate at 7.25%, the first repo rate hike in nearly three. During the observation period from 1960 to 2021, the average inflation rate was 7.9% per year. Consumer prices for all items less food and energy rose 6.5 percent for the year ended March 2022. Pay off your debt quicker and avoid taking on new debt. The COVID-19 pandemic in 20202021 disrupted the operations of higher education institutions, with notable effects on revenue streams. 1 / 2. The cost of living crisis caused by higher inflation rates is still biting South African consumers hard. Prices increased for fuel oil (70.1 percent), gasoline (48.0 percent), electricity (11.1 percent), and natural gas (21.6 percent) over this period. Meanwhile, core inflation rose to 4.7% in September, from August's 4.4%. Rising energy and fuel prices are expected to be key sources of inflationary pressure in the year ahead. Updated: October 13, 2022. Lastly, consumer prices rose 0.09% in September over the previous month, moderating from August's 0.19% rise. Public-sector capital expenditure decreased by R6,1billion (-3,0%) between 2020 and 2021, from R204,3billion to R198,2billion, representing the fifth consecutive year of decline. South Africans are increasingly paying more for goods and services due to rising inflation. It will offer the rate of inflation over the 12 months ended September 2022. As a result of interest rate hikes over the course of this year, homeowners have seen the prime lending rate rise from 7.5% in January to its current 9.75%. . The report read more . Headline inflation is projected at 4.8% in 2022 and 4.4% in 2023, National Treasury said on Wednesday. Overview for 26.08.2022, Will Euro be saved? Inflation dropped to 7.5% in September, which followed August's 7.6%. South Africa's annual inflation rate eased for the second month to 7.5% in September of 2022, from 7.6% in August, matching market expectations but still above the upper limit of the South African Reserve Bank's target range of 3%-6%. $35.44 billion (2017 est.) The primary objectives of monetary policies are the management of inflation or unemployment and maintenance of currency exchange rates. Aside from the regular updates to revenue and expenditure forecasts, it is imperative that the MTBPS also updates South Africans on key challenges to economic and fiscal sustainability. Partner | Chief Economist, PwC South Africa. The main drivers of the increase are food and non-alcoholic beverages (contributing 1.1% to the current rate with an annual increase of 6.2%), housing and utilities (1.2%; annual increase. Kindly participate in this short survey and provide your details. CPI South Africa: South Africa: cpi: 6.400 % CPI South Korea: South Korea: cpi: 4.700 % CPI Spain . The CPI inflation rates in the table are presented both on a monthly basis, compared to the month before, as well as on a yearly basis, compared to the same month last year. Data published Monthly by Statistics. Stats SA strives to excel in the following five competencies: Intellectual capability to lead the scientific work of statistics, Technological competence for purposes of read more , MEDIA ADVISORY 13 October 2022 Statistician-General to release the Gender Series Volume IX: Women Empowerment, 20172022 Report. For everything from news and culture to technology, business, education, entertainment, and travel, AFRICA.COM is here to help you stay smart about the continent. Twitter Take-profit.org, 2022 | All rights reserved. Monetary policies can target inflation levels. This is also the highest reading since January 2017 when the rate was 6.6%. "Fuel . Looking at the details of the release, the moderation was chiefly due to transportation price growth easing in September, which more than offset prices for housing and utilities, as well as for food and non-alcoholic beverages, rising at a faster pace. The maximum level was 8.3 % and minimum was 2.5 %. Consumers can also reduce their expenses and boost their savings by reducing their debt. Historical Data (index points) by years Data Period Date Historical Chart by presidents (index points) Cyril Ramaphosa Jacob Zuma Thabo Mbeki Sudan: According to Reuters, Sudan's Central Bureau of Statistics reported the country's inflation at 258.40% in February 2022. CPI Transportation in South Africa decreased to 112 Index Points in September 2022. This is due to increased employment (+4.2% y-o-y in 2022Q2) as well as higher gross earnings (+4.5% y-o-y) across the formal non-agricultural economy remuneration. You dont have control over the cost of fuel, for example, but you can control when and how you travel. Inflation South Africa 2022 (CPI) - The inflation chart and table below feature an overview of the South African inflation in 2022 : CPI South Africa 2022 . Following link provides you with an overview of current inflation by country (CPI) . Historical Data (index points) by years Data Period Date Historical Chart by presidents (index points) Salva Kiir Inflation dropped to 7.5% in September, which followed Augusts 7.6%. Broad-based input cost increases have been a reality for farmers worldwide throughout 2022. The monthly change in the consumer price index (CPI) for September was 0,1%, lower than 0,2% read more , During the month of October, which is designated as Breast Cancer Awareness Month, we are reminded of the courageous women and men who have been diagnosed with breast cancer and also honour those who have lost the battle against this debilitating disease. The MTBPS has the opportunity to provide more clarity to South African businesses on what the government is doing to address these challenges which are weighing on business confidence and job growth. Inflation 2022, compare international inflation figures from 2022 . The World Inflation Rate The average inflation rate around the world is 7.4%. South Africa is able to reduce the inflation rate from 7.8 per cent to 7.5 per cent by increasing the policy rate by 225 bps. The following table shows the main economic indicators in 1980-2021 (with IMF staff estimates in 2022-2026). Data published Quarterly by Bureau for Economic Research. Still, the trend pointed up slightly, with annual average inflation coming in at 6.4% in September (August: 6.2%). How to compare Forex brokers spreads and swaps? Prices slowed further for transportation (17.9% vs 21.2% in August), on account of fuels (34.1% vs 43.2%). Consumer Price Index in South Sudan decreased to 16200 index points in August 2022. The decline in the annual inflation rate was largely attributed to a decline in South African fuel prices due to easing global oil prices MORE. Explore The Economist's archive. R100 in 1958 is equivalent in purchasing power to about R10,810.44 today, an increase of R10,710.44 over 64 years. South Africa: Inflation drops to lowest level since June in September. It draws its mandate from the Statistics Act, 1999 (Act No 6 of 1999). The maximum level was 118 Index Points and minimum was 56.8 Index Points. Core Consumer Prices in South Africa remained unchanged at 104 Index Points in September 2022. Inflation slowed down to 7.6% from 7.8% in July 2022 on the back of dropping fuel prices, Stats ZA said. inflation - CPI Chart - CPI inflation South Africa 2022 (yearly basis) The average inflation of South Africa in 2022: 6.81 % Table - 2022 inflation South Africa (CPI) Historic CPI inflation South Africa Inflation. The official announcements typically lag behind the calendar by a month or two. This is narrower than the National Treasurys February forecast of 6.0% of GDP due to expectations of revenue overrun of around R50bn. According to the official government body, fuel prices decreased by 3.8% between July and August 2022, with petrol falling by 5.0% and diesel by 0.9%. If inflation is high, a contractionary policy can address this issue. The biggest challenges to accelerating South Africas economic and employment growth are electricity load-shedding, a lack of skilled workers, and low private sector investment levels. Consumer price index (CPI), Producer price index (PPI), Government finance: national and provincial government, Supply and use tables, Satellite accounts, Regional GDP, Gross domestic product (GDP), expenditure, Structural industry statistics (large sample surveys of industries, Population Statistics (Census and Community Survey), Labour Statistics- Quarterly Labour Force Survey (QLFS), Tourism Statistics (Domestic Tourism Survey), Crime and Safety Statistics (Victims of Crime Survey), Service Delivery Statistics (General Household Survey), Transport Statistics (National Travel Survey). Rising energy and fuel prices are expected to be key sources of inflationary pressure in the year ahead. As of 2022, the overall inflation rate in Sub-Saharan Africa is expected to grow to 12.2 percent. The maximum level was 120 index points and minimum was 1.2 index points. South Africa's annual inflation rate eased for the second month to 7.5% in September of 2022, from 7.6% in August, matching market expectations but still above the upper limit of the South African Reserve Bank's target range of 3%-6%. The rising inflation became so bad that it sparked . Monthly Inflation Rates (YoY) | 1958-2022 The following table contains YoY (year-over-year) inflation rates calculated from monthly CPI data publications. As such, it is imperative that the National Treasury provides a clear update on these matters. (November 1, 2022) The Federal Open Market Committee (FOMC), in its latest meeting on September 21, 2022, forecasted that the Personal Consumption Expenditures (PCE) inflation rate in the United States will average at 5.4% in 2022, and then decline to 2.8% in 2023. However, housing markets can look drastically different from country to country and though, like others, South Africa's got a boost from historically low interest rates, longer-term trends . As a result, the annual rate for fuel went down to 43.2% from 56.2% in July 2022. Inflation dropped to 7.5% in September, which followed Augusts 7.6%. Featured PwC research: Mixed reviews on whether it is easier now to comply with tax obligations compared to 2018. Similarly, there is a big difference between the inflation baskets of the middle- and upper-income groups. Current account. Still, the trend pointed up slightly, with annual average inflation coming in at 6.4% in September (August: 6.2%). China hosted the most recent 14th BRICS summit on 24 July 2022 virtually. The demand for goods and services as well as the cost of producing those goods and services both affect their price. South Africa. In South Africa, the poor and vulnerable are hit harder by inflation than consumers in the middle-income group. South Africa. The South African rand has lost 99.075% of its value since 1958. Forecast as of 26.08.2022, EURUSD: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, USDCHF: Elliott wave analysis and forecast for 26.08.2022 02.09.2022, Forex Technical Analysis & Forecast 26.08.2022, The Yen is recovering. Google+, Facebook Twitter The sooner you remove your debt burdens, the better. South Africa: Manufacturing activity grows at fastest pace in seven months in August. ET. An item that cost 100 rands in 1960 costs 9,806.38 rands at the beginning of 2022. Data published Monthly by National Bureau of Statistics. This is attributed to food and energy prices, especially municipal rates from rising. This makes Sudan the country with the highest inflation rate in Africa. Graph CPI South Africa long-term Most recent CPI South Africa (inflation figure) 7.801 % When we talk about the rate of inflation in South Africa, this often refers to the rate of inflation based on the consumer price index, or CPI for short. Download the latest South African Economic Outlook report. At the same time, however, consumer demand has skyrocketed as economies and consumer spending have recovered. Inflation dropped to 7.5% in September, which followed August's 7.6%. He announced that the corporate income tax (" CIT ") rate will be reduced to 27% with effect for year commencing on or after 1 April 2022. Fuel prices declined for a second consecutive month, contributing to the softer headline rate. . CPI Housing Utilities in South Africa increased to 104 Index Points in September 2022. However, it will take many years to reach a level below 3.0% of GDP which is viewed as sustainable from a financing perspective. PwCs South Africa Economic Outlook (October 2022) report focuses on forecasts and expectations related to the MTBPS scheduled for 26 October 2022. Understand your inflation basket and your income and expenses to reduce the inflationary pressures on your household and maintain a more comfortable standard of living. Consumer Price Index in South Africa remained unchanged at 106 index points in September 2022. The surge follows a global tendency, as consumer prices soar all over the world, impacting. The lower income groups inflation basket tends to be heavily skewed towards transport, food and education, and any significant price rise in those elements has a much bigger impact on poor households. October 19, 2022. September's figure marked the lowest inflation rate since June. Get a sample report showing our regional, country and commoditiesdata and analysis. When the cost of manufacturing goods or the transportation of goods increases, chances are that the cost of the goods will also rise. 0%. South Africa inflation rate for 2019 was 4.12%, a 0.4% decline from 2018. The maximum level was 18863 index points and minimum was 53.49 index points. . The global trend is still upwards towards the end of 2022. South Africa's headline consumer inflation slowed to 7.5% in September from 7.6% in August, but it is still well above the SARB's 3%-6% target range. Inflation Rate: 8.52% Trailing 12-month CPI Current CPI: 296.276 Bureau of Labor Statistics Annual inflation: 4.70% Bureau of Labor Statistics (2021) The inflation rate is determined by Consumer Price Index released by the U.S. Bureau of Labor Statistics (BLS). Tuition fees are the second biggest source of revenue cash flows South Africas 26 higher education institutions depend on three read more , National electricity supply has been the cause of intense concern for many years. South African consumers can beat the current high inflation rate by understanding their individual inflation baskets and taking control of the unique expenses that are driving up their cost of living. Google+, Copyright: 2022. For example, PwCs Major Banks Analysis September 2022 noted strong revenue gains across retail, business and corporate banking during the first half of the year. Consumers must be mindful that there is a difference between good and bad debt. The maximum level was 120 index points and minimum was 1.2 index points. Home > Countries > South Africa > Inflation. Without addressing these, economic prosperity will remain elusive. South Africa is at the global average of inflation. Inflation Rate in South Africa increased by 7.5 % in September 2022 over the same month in the previous year. Posted on July 20, 2022 Linkedin Consumer inflation jumps to a 5-year high Annual consumer price inflation quickened to 6,5% in May from 5,9% in April and March, breaking through the upper limit of the South African Reserve Bank's monetary policy target range. This is the highest reading since January 2017 when the rate was 6,6%. All rights reserved. . Once consumers understand the composition of their unique inflation baskets, the best way to mitigate the rising costs is to reduce expenses and save money. South Africa inflation rate for 2018 was 4.52%, a 0.67% decline from 2017. While women empowerment is central to the global development agenda and is a stepping stone to gender equality, a new report released by Statistics South read more , Annual consumer price inflation slowed to 7,5% in September from 7,6% in August, edging further down from the 13-year high of 7,8% recorded in July. Inflation in Sudan has increased drastically in recent years, driven by food, beverages, and a black market for U.S. dollars. Headline inflation is projected at 4.8% in 2022 and 4.4% in 2023, according to National Treasury. This is attributed to food and energy prices, especially municipal rates from rising electricity prices, high domestic food inflation and elevated fuel prices, which are expected to be the key sources of inflationary pressure in 2022. Sudan had an inflation rate of 340.0% at the start of 2022, ranking as the second-highest in the world. The rand had an average inflation rate of 7.59% per year between 1958 and today, producing a cumulative price increase of 10,710.44%. By: Emile Du Plessis, Behavioural Economist at Standard Bank. The maximum level was 6.7 % and minimum was -0.7 %. Furthermore, Corporate Income Tax (CIT) collections have increased 14.7% y-o-y in 2022/2023 to date, compared to a Budget 2022 forecast of a 15.2% y-o-y decrease. Our content is produced in collaboration between Africa.coms editorial team and our partners including non-governmental organizations, private sector stakeholders, agencies, and institutions. At its 22 September meeting, the Monetary Policy Committee of the South African Reserve Bank (SARB) increased the repurchase rate by a further 75 basis points, bringing it to 6.25%. Budget 2022 planned for a 6.2% increase in Personal Income Tax (PIT) collections this year to R588bn. The value of each month indicates the rolling average inflation rate for the last 12 months. South Africas official inflation rate does not necessarily apply to households across the country but varies markedly between different income groups. The goods in their inflation baskets include food, medical costs, rent and some transport. Another factor that impacts inflation is supply and demand. The maximum level was 118 Index Points and minimum was 63.3 Index Points. : Emile Du Plessis, Behavioural Economist at Standard Bank skyrocketed as and... Not necessarily apply to households across the country but varies markedly between different Income.... 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