Inflation in South Africa, May 2022

Consumer prices rose 0.68% mom in May, up from a 0.59% rise in April. The acceleration was due to a sharp increase in prices for housing and communal services, food and non-alcoholic beverages.

Inflation rose to 6.5% in May from 5.9% in April. The May figure represents the highest inflation rate since January 2017. Accordingly, the trend slightly increased: the average annual inflation in May was 5.5% (in April: 5.4%). Finally, core inflation rose to 4.1% in May from 3.9% in the previous month.

FocusEconomics Consensus Forecast experts believe that inflation will average 6.0% in 2022, which is 0.1 percentage points higher than last month’s estimate, and 4.8% in 2023.