Inflation Expectations

Inflation expectations
Manufacturing
Retail
Other services
Building and construction

Inflation Expectations

To help carry out its inflation targeting mandate, the South African Reserve Bank (SARB) commissioned the BER in 2001 to conduct a quarterly inflation expectations survey. Four social groups are covered in the survey, namely financial analysts, business people, trade union officials and households. The results of the Inflation Expectations Survey are provided in a quarterly report that is accompanied by an excel file containing the historic survey data. The inflation expectations for the current and next two years and forecast of various other economic variables (such as economic growth, the rand / dollar exchange rate and wage increases) of financial analysts, business people, trade union officials and households are available separately. Click here for information on the survey method.

Back to Documents

Inflation expectations, 2025-Q1

Date Uploaded: March 17 2025 10:00


In the first quarter of this year, the survey respondents, on average, downwardly revised their forecast of headline consumer inflation during 2025 to 4.3%, from 4.5%. They foresee it rising gradually to 4.7% in 2027. Over the next five years, they expect it to stabilise at 4.7%, slightly above the targeted midpoint. The one-year-ahead inflation expectations of households fell to 5.7%, from 6.6% previously. It is now the lowest it has been in three years.