Macro Analysis /
South Africa

South Africa: CPI growth accelerates to 4.9% y/y in August in line with expectations

    22 September 2021
    • Acceleration derives entirely from fuel prices which push the headline 0.3pps higher
    • Core inflation remains stable at 3.1% y/y in August
    • Inflation print in Q3 is likely to exceed the July projection of the SARB
    • MPC should not react to temporary pressures on inflation outside of the scope of monetary policies