Inflation Expectations

Inflation expectations
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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.

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Inflation expectations, 2025-Q3

Date Uploaded: September 15 2025 10:00


In the third quarter of 2025, on average, the three social groups lowered their longer-term inflation expectations. They now expect headline inflation in the next five years to average 4.2% (compared to 4.4% before). This is the lowest forecast since the addition of this question to the survey (in 2011). Near-term expectations were down by 0.1% pt for both 2025 and 2026, to 3.8% and 4.2%. The one and five-year-ahead expectation is thus equal, at 4.2%.