Inflation South Africa 2023
Average inflation: 6.1%
Current Inflation
Inflation is very high at 6.1%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 7.4%. The lowest inflation was in July at 4.7%.
- Highest month
- February: 7.4%
- Lowest month
- July: 4.7%
- Difference
- 2.7 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 10.9%. The lowest price increase was in Communication with an average of -0.3%.
- Highest increase
- Food and non-alcoholic beverages: 10.9%
- Lowest increase
- Communication: -0.3%
Historical Context
Current inflation is 1.1% higher than the 5-year average of 5.0%.
- 5-year average
- 5%
- 10-year average
- 5.2%
- All-time high (2008)
- 9.9%
- All-time low (2004)
- -0.7%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.9 percentage point.
- Change vs. previous year
- -0.9 percentage points
- Largest monthly swing
- July: -3.4 percentage points
ECB Target
Inflation is 4.1% 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 €100 this year will cost approximately €106.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 7.2% | +1.4 |
| February | 7.4% | +1.8 |
| March | 7.3% | +1.2 |
| April | 7.0% | +1.0 |
| May | 6.5% | -0.1 |
| June | 5.7% | -1.7 |
| July | 4.7% | -3.4 |
| August | 4.8% | -3.1 |
| September | 5.5% | -2.3 |
| October | 6.1% | -1.7 |
| November | 5.7% | -2.0 |
| December | 5.2% | -2.4 |
| Average | 6.1% |
Data source
Data from OECD. Last updated: 13/01/2026.