Inflation South Africa 2024
Average inflation: 4.4%
Current Inflation
Inflation is high at 4.4%, well above the ECB target.
Peak and Trough
The highest inflation was in February at 5.5%. The lowest inflation was in October at 2.8%.
- Highest month
- February: 5.5%
- Lowest month
- October: 2.8%
- Difference
- 2.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Miscellaneous goods and services with an average of 6.7%. The lowest price increase was in Communication with an average of -0.3%.
- Highest increase
- Miscellaneous goods and services: 6.7%
- Lowest increase
- Communication: -0.3%
Historical Context
Current inflation is 0.7% lower than the 5-year average of 5.1%.
- 5-year average
- 5.1%
- 10-year average
- 5%
- All-time high (2008)
- 9.9%
- All-time low (2005)
- 2.1%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +1.7 percentage point.
- Change vs. previous year
- -1.7 percentage points
- Largest monthly swing
- October: -3.3 percentage points
ECB Target
Inflation is 2.4% 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 €100 this year will cost approximately €104.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 5.4% | -1.8 |
| February | 5.5% | -1.9 |
| March | 5.3% | -2.0 |
| April | 5.1% | -1.9 |
| May | 5.1% | -1.4 |
| June | 5.0% | -0.7 |
| July | 4.6% | -0.1 |
| August | 4.4% | -0.4 |
| September | 3.7% | -1.8 |
| October | 2.8% | -3.3 |
| November | 2.8% | -2.9 |
| December | 2.9% | -2.3 |
| Average | 4.4% |
Data source
Data from OECD. Last updated: 10/01/2026.