Inflation South Africa 2004
Average inflation: -0.7%
Current Inflation
There is deflation with consumer prices declining by 0.7%.
Peak and Trough
The highest inflation was in November at 2.3%. The lowest inflation was in January at -2.0%.
- Highest month
- November: 2.3%
- Lowest month
- January: -2.0%
- Difference
- 4.3 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food and non-alcoholic beverages with an average of 1.4%. The lowest price increase was in Food and non-alcoholic beverages with an average of 1.4%.
- Highest increase
- Food and non-alcoholic beverages: 1.4%
- Lowest increase
- Food and non-alcoholic beverages: 1.4%
Historical Context
Current inflation is 5.8% lower than the 5-year average of 5.1%.
- 5-year average
- 5.1%
- 10-year average
- 6.3%
- All-time high (1986)
- 18.7%
- All-time low (2004)
- -0.7%
Trend
Inflation shows a downward trend. Compared to 2003, inflation has fallen by +6.6 percentage point.
- Change vs. previous year
- -6.6 percentage points
- Largest monthly swing
- January: -14.5 percentage points
ECB Target
Inflation is 2.7% below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
Due to deflation, purchasing power increases. Money becomes more valuable instead of less.
What you could buy for €100 this year will cost approximately €99.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2004
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2003 |
|---|---|---|
| January | -2.0% | -14.5 |
| February | -1.6% | -12.7 |
| March | -1.7% | -12.3 |
| April | -1.8% | -10.8 |
| May | -1.8% | -10.3 |
| June | -1.5% | -8.9 |
| July | -0.8% | -6.0 |
| August | -1.3% | -6.1 |
| September | -0.6% | -3.8 |
| October | 0.5% | -0.4 |
| November | 2.3% | +3.7 |
| December | 2.2% | +3.8 |
| Average | -0.7% |
Data source
Data from OECD. Last updated: 19/12/2025.