The FNB House Price Index growth averaged 0.8% y/y in December, marginally higher than the 0.7% in November (revised from 0.5%), and a low of 0.5% in October.
The South African economy is experiencing a modest recovery following lacklustre post-pandemic growth of 0.7% in 2023. This slow growth largely reflected the severe impact of record levels of electricity load-shedding and the cost-of-living crisis. The South African Reserve Bank (SARB) estimated that load-shedding reduced GDP growth by 1.5 percentage points (ppts) in 2023. However, this drag is expected to be minimal in 2024 at just -0.13ppts, with no further impact projected for 2025 and 2026.
After troughing at 2.1% y/y in May 2020, due to a lockdown-driven fall in demand and statistical imputations, headline inflation accelerated to 5.2% y/y in May of 2021. CPI weights are typically updated at least every five years, in line with international standards. New weights will be introduced with the January 2022 data and the base year will change to December 2020.
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