South Africa Core Inflation Rate
Year-on-year change in consumer prices excluding food and energy.
Core Inflation Rate in South Africa decreased to 3.41 percent in Dec 2024 from 3.63 percent in Nov 2024.
South Africa Core Inflation Rate — History
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South Africa Core Inflation Rate — analysis in simple words
Latest reading
Core Inflation Rate in South Africa decreased to 3.41 percent in Dec 2024 from 3.63 percent in Nov 2024.
It has fallen in each of the last three months.
Recent trend
A year earlier (Dec 2023) it was 4.5%, so the latest figure is 1.1 percentage points lower.
Over the past five years the average was 4.1%, with a range from 2.5% to 5.6%. The latest value is below that five-year average.
Historical context
This data series starts in Jan 2003 and has 264 monthly observations. The latest reading is higher than 25% of all of them.
The highest value on record is 12.0% (Jan 2003) and the lowest is -3.0% (May 2004). The long-run average is 4.3%.
Compared with other countries
Among 38 economies with recent data, South Africa ranks 12th from the top. The median across all these economies is 2.9%, so South Africa is above the typical country.
Among 12 major economies tracked on this site it ranks 3rd.
Statistics
- Latest
- 3.4%Dec 2024
- Previous
- 3.6%
- 5-year average
- 4.1%
- Long-run average
- 4.3%since Jan 2003
- All-time high
- 12.0%Jan 2003
- All-time low
- -3.0%May 2004
- Observations
- 264Monthly
Recent Data
| Period | Value | Change |
|---|---|---|
| Dec 2024 | 3.4% | ▼ −0.2 pp |
| Nov 2024 | 3.6% | ▼ −0.2 pp |
| Oct 2024 | 3.8% | ▼ −0.1 pp |
| Sep 2024 | 4.0% | ▼ −0.1 pp |
| Aug 2024 | 4.0% | ▼ −0.1 pp |
| Jul 2024 | 4.2% | ▼ −0.2 pp |
| Jun 2024 | 4.4% | ▲ +0.0 pp |
| May 2024 | 4.4% | ▼ −0.0 pp |
| Apr 2024 | 4.4% | ▼ −0.4 pp |
| Mar 2024 | 4.8% | ▼ −0.2 pp |
| Feb 2024 | 4.9% | ▲ +0.3 pp |
| Jan 2024 | 4.6% | ▲ +0.1 pp |
| Dec 2023 | 4.5% | ▼ −0.1 pp |
| Nov 2023 | 4.5% | ▼ −0.0 pp |
| Oct 2023 | 4.6% | ▼ −0.0 pp |
| Sep 2023 | 4.6% | ▼ −0.2 pp |
| Aug 2023 | 4.8% | ▼ −0.1 pp |
| Jul 2023 | 4.9% | ▼ −0.5 pp |
| Jun 2023 | 5.4% | ▼ −0.1 pp |
| May 2023 | 5.5% | ▼ −0.1 pp |
| Apr 2023 | 5.6% | ▲ +0.0 pp |
| Mar 2023 | 5.6% | ▼ −0.0 pp |
| Feb 2023 | 5.6% | ▲ +0.3 pp |
| Jan 2023 | 5.3% | ▼ −0.0 pp |
| Dec 2022 | 5.3% | ▼ −0.1 pp |
| Nov 2022 | 5.4% | ▲ +0.1 pp |
| Oct 2022 | 5.3% | ▲ +0.2 pp |
| Sep 2022 | 5.1% | ▲ +0.3 pp |
| Aug 2022 | 4.8% | ▲ +0.0 pp |
| Jul 2022 | 4.8% |
Core Inflation Rate — South Africa vs Peers
Latest available reading for each economy (periods may differ). South Africa highlighted.
More South Africa indicators
Understanding Core Inflation Rate — a simple guide
What it measures
The year-on-year change in consumer prices excluding food and energy, which can jump around because of weather, harvests and oil prices.
How it is calculated
The same method as headline CPI inflation, but the basket excludes food and energy items.
If headline inflation is 4% but food prices jumped, core inflation might be only 3%.
High core inflation means price rises are broad-based, not just caused by food or fuel.
Low core inflation suggests underlying price pressure is mild.
Why it matters for the economy and markets
Central banks watch core inflation to judge the underlying trend in prices. If core inflation stays high, interest rates are more likely to stay high too.
How to read it
Compare it with headline inflation: if headline falls because fuel got cheaper but core stays high, price pressure across the economy has not really eased.
What to look at alongside it
Headline inflation, wage growth and the policy rate.
Key terms
- Headline inflation
- Inflation of the full CPI basket.
- Core inflation
- Inflation excluding food and energy.
Data source
OECD — Organisation for Economic Co-operation and Development (series OECD CPI ex food & energy), monthly data from Jan 2003 to Dec 2024. Values are shown exactly as published by the source and may be revised later.
How to use the chart
Use the 5Y / 10Y / 25Y / Max buttons to change the time range, or drag the slider under the chart. Hover (or tap) on the line to see the exact value for any period. Dashed lines and hatched bars are IMF projections, not actual data. The “Download CSV” button gives you the full data series.
Frequently asked questions
What is the current core inflation rate of South Africa?
What is the highest and lowest core inflation rate of South Africa?
What does core inflation rate measure?
Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.