South Africa Inflation Rate Ticks Up to 3.1% as Forecast

South Africa’s annual inflation rate edged up to 3.1% in March 2026 from 3% in the prior month, matching market expectations. In March, the impact of the Middle East conflict was only starting to feed into domestic prices. The main positive contributors were housing & utilities (5.1% vs 4.8% in February); food & non-alcoholic beverages (3.6% vs 3.7%) and insurance and financial services (4.6% vs 4.5%). In the meantime, prices fell at a slower pace for transportation (-1.6% vs -2.1%). The annual core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, rose to 3.2% from a seven-month low of 3.0% in the prior month. On a monthly basis, the CPI rose by 0.6%, after a 0.4% increase in the prior month.

South Africa’s annual inflation rate fell for the second month to 3% in February 2026, the lowest since June 2025, slightly below market forecasts of 3.1%. The continued slowdown was largely driven by a 2.1% drop in transportation prices, following a 0.2% fall the previous month, reflecting a sharper decline in fuels (-10.1% vs -3.7%). The slower price growth in food and non-alcoholic beverages (3.7% vs 4.4%) and in health (4.4% vs 5%) also contributed. On the other hand, price increases were most notable for alcoholic beverages & tobacco (5% vs 4.5%); housing & utilities (4.8% vs 4.8%); restaurants & hotels (3.8% vs 3.5%). The annual core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, eased to a seven-month low of 3% in February, down from January's 3.4%. On a monthly basis, the CPI rose by 0.4%, after a 0.2% increase in the prior month.

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.