Post-apartheid poverty and inequality trends have been the subject of intensive analysis,
yet relatively little attention has been devoted to the impact of differential price movements on the
measurement of poverty and inequality. This paper aims to tell the story of the evolution of both
money-metric and non-money-metric poverty and inequality in post-apartheid South Africa, and
to assess the effect of prices on this story. Our results show that inflation over the latter half of
the 2000s has been anti-poor and that accounting for differential price movements dampens the
measured improvements in poverty and inequality.