Inflation South Africa 2024
Average inflation: 4.4%
Inflation in 2024
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
Inflation is 0.7 percentage points 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
Over the period 2022-2024, inflation shows a downward trend. Compared to 2023, inflation has fallen by 1.7 percentage points.
- Change vs. previous year
- -1.7 percentage points
- Largest monthly swing
- October: -3.3 percentage points
ECB Target
Inflation is 2.4 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 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: 13/01/2026.