Inflation South Africa 2004
Average inflation: -0.7%
Inflation in 2004
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
Historical Context
Inflation is 5.8 percentage points 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
Over the period 2002-2004, inflation shows a downward trend. Compared to 2003, inflation has fallen by 6.6 percentage points.
- Change vs. previous year
- -6.6 percentage points
- Largest monthly swing
- January: -14.5 percentage points
ECB Target
Inflation is 2.7 percentage points 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 ZAR 100 this year will cost approximately ZAR 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.