Inflation South Africa 2022
Average inflation: 7.0%
Inflation in 2022
Inflation is very high at 7.0%, far above the ECB target.
Peak and Trough
The highest inflation was in July at 8.1%. The lowest inflation was in February at 5.6%.
- Highest month
- July: 8.1%
- Lowest month
- February: 5.6%
- Difference
- 2.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Transport with an average of 16.9%. The lowest price increase was in Communication with an average of -0.6%.
- Highest increase
- Transport: 16.9%
- Lowest increase
- Communication: -0.6%
Historical Context
Inflation is 2.3 percentage points higher than the 5-year average of 4.7%.
- 5-year average
- 4.7%
- 10-year average
- 5.2%
- All-time high (2008)
- 9.9%
- All-time low (2004)
- -0.7%
Trend
Over the period 2020-2022, inflation shows an upward trend. Compared to 2021, inflation has risen by 2.4 percentage points.
- Change vs. previous year
- +2.4 percentage points
- Largest monthly swing
- July: +3.4 percentage points
ECB Target
Inflation is 5.0 percentage points above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for ZAR 100 this year will cost approximately ZAR 107 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 5.8% | +2.6 |
| February | 5.6% | +2.6 |
| March | 6.1% | +3.0 |
| April | 6.0% | +1.5 |
| May | 6.6% | +1.3 |
| June | 7.4% | +2.4 |
| July | 8.1% | +3.4 |
| August | 7.9% | +2.9 |
| September | 7.8% | +2.7 |
| October | 7.8% | +2.7 |
| November | 7.7% | +2.3 |
| December | 7.6% | +1.7 |
| Average | 7.0% |
Data source
Data from OECD. Last updated: 13/01/2026.