South Africa Inflation Rate Slows in January

2026-02-18 08:15 By Luisa Carvalho 1 min. read

South Africa’s annual inflation rate edged down to 3.5% in January 2026 from 3.6% in the prior month, though slightly above analysts' estimates of 3.4%.

Lower transportation costs (-0.2% vs 1% in December), largely reflecting a decline in fuel prices (-3.7% vs 0.6%), were the main drag on overall price growth.

Meanwhile, inflation in the heavyweight categories of housing and utilities (4.8% vs 4.9%) and food and non-alcoholic beverages (4.4% vs 4.4%) remained elevated, continuing to support overall price pressures.

Food inflation was underpinned by higher meat prices (13.5% vs 12.6%), amid persistent supply constraints linked to foot-and-mouth disease.

The annual core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, rose to a near one-year high of 3.4% in January, from 3.3% in December.

On a monthly basis, the CPI rose by 0.2%, maintaining the same pace as the previous month.



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South Africa Inflation Rate Slows in January
South Africa’s annual inflation rate edged down to 3.5% in January 2026 from 3.6% in the prior month, though slightly above analysts' estimates of 3.4%. Lower transportation costs (-0.2% vs 1% in December), largely reflecting a decline in fuel prices (-3.7% vs 0.6%), were the main drag on overall price growth. Meanwhile, inflation in the heavyweight categories of housing and utilities (4.8% vs 4.9%) and food and non-alcoholic beverages (4.4% vs 4.4%) remained elevated, continuing to support overall price pressures. Food inflation was underpinned by higher meat prices (13.5% vs 12.6%), amid persistent supply constraints linked to foot-and-mouth disease. The annual core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, rose to a near one-year high of 3.4% in January, from 3.3% in December. On a monthly basis, the CPI rose by 0.2%, maintaining the same pace as the previous month.
2026-02-18
South Africa Inflation Rate Rises to 3.6%
South Africa’s annual inflation rate inched up to 3.6% in December 2025 from 3.5% in the prior month, in line with analysts' expectations. The headline inflation rate remains within the 1 percentage point tolerance band of the SARB's new 3% target. The main contributors to the increase were housing & utilities (4.9%), food & non-alcoholic beverages (4.4%) and insurance and financial services (7%). The core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, rose to 3.3% in December, the highest in ten months, from 3.2% in November. On a monthly basis, the CPI rose by 0.2%, after decreasing by 0.1% in the previous month. The average inflation rate for 2025 was 3.2%, marking the lowest level in 21 years and below the central bank’s 3.3% forecast.
2026-01-21
South Africa Inflation Rate Surprisingly Cools to 3.5%
South Africa’s annual inflation rate edged down to 3.5% in November 2025 from 3.6% in October, slightly below market forecasts of 3.6%. Price growth cooled in five of the 13 product categories, most notably transport (0.7% vs 1.5% in October), of which fuels (0.1% vs 3.3%); and recreation, sport & culture (2.9% vs 3.4%). On the other hand, food & non-alcoholic beverages (4.4% vs 3.9%), particularly meat prices (12.2% vs 11.4%), amid ongoing outbreaks of foot-and-mouth disease; restaurants & accommodation services (2.3% vs 2.1%), and alcoholic beverages & tobacco (4.6% vs 4.5%) recorded higher rates. The core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, inched up to 3.2% in November from 3.1% in October. On a monthly basis, the CPI fell by 0.1%, following a 0.1% increase in the prior month.
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