Inflation South Africa 2020
Average inflation: 3.2%
Inflation in 2020
Inflation is high at 3.2%, well above the ECB target.
Peak and Trough
The highest inflation was in February at 4.5%. The lowest inflation was in May at 1.9%.
- Highest month
- February: 4.5%
- Lowest month
- May: 1.9%
- Difference
- 2.6 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Education with an average of 6.4%. The lowest price increase was in Communication with an average of -0.2%.
- Highest increase
- Education: 6.4%
- Lowest increase
- Communication: -0.2%
Historical Context
Inflation is 1.5 percentage points lower than the 5-year average of 4.7%.
- 5-year average
- 4.7%
- 10-year average
- 5.1%
- All-time high (2008)
- 9.9%
- All-time low (2004)
- -0.7%
Trend
Over the period 2018-2020, inflation shows a downward trend. Compared to 2019, inflation has fallen by 0.9 percentage points.
- Change vs. previous year
- -0.9 percentage points
- Largest monthly swing
- May: -2.5 percentage points
ECB Target
Inflation is 1.2 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for ZAR 100 this year will cost approximately ZAR 103.20 next year at this inflation rate.
Multi-year trend
Monthly figures 2020
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2019 |
|---|---|---|
| January | 4.4% | +0.6 |
| February | 4.5% | +0.4 |
| March | 4.2% | -0.3 |
| April | 3.0% | -1.3 |
| May | 1.9% | -2.5 |
| June | 2.2% | -2.2 |
| July | 3.2% | -0.8 |
| August | 3.1% | -1.3 |
| September | 2.9% | -1.2 |
| October | 3.3% | -0.3 |
| November | 3.2% | -0.4 |
| December | 3.0% | -1.0 |
| Average | 3.2% |
Data source
Data from OECD. Last updated: 13/01/2026.