Inflation & Prices
Consumer price index, producer prices and purchasing power trends.
4 datasets · Last updated 21 May 2026
Dataset update log
Inflation & CPI
Monthly
Last updated: 21 May 2026
Source: Stats SA
Release: Consumer Price Index
Level: national
Recent history
Headline Inflation (CPI)
0.9pp4.0%
from March 2026 (3.1%)
South Africa's headline CPI rose to 4.0% year-on-year in April 2026 — the steepest reading since August 2024. The main drivers were a sharp jump in fuel prices (+18% annually), higher electricity tariffs, and insurance costs. Food inflation eased to 2.9%. Core inflation (ex-food, fuel, energy) rose to 3.6%. This moves inflation above the SARB's new 3% target midpoint.
Headline Inflation (CPI) has increased by 1.2pp from May 2025 to Apr 2026 — a concern.
Food & Non-Alcoholic Beverages CPI
0.7pp2.9%
from March 2026 (3.6%)
Food and non-alcoholic beverage inflation eased to 2.9% in April 2026, continuing its decline from 2023 highs above 14%. Strong farm output has moderated food prices. Meat prices remain elevated year-on-year despite recent monthly declines. Bread and cereals saw mixed trends.
Food & Non-Alcoholic Beverages CPI has increased by 0.7pp from May 2025 to Apr 2026 — a concern.
SARB Policy Rate (Repo Rate)
0.0pp6.75%
held at March 2026 MPC
The SARB held the repo rate at 6.75% at the March 2026 MPC meeting — the second consecutive hold. The decision was unanimous. The MPC cited the Iran war-related oil price shock as creating upside inflation risk. The prime lending rate remains at 10.25%. The SARB's new inflation target is 3% (±1pp), adopted November 2025.
SARB Policy Rate (Repo Rate) has decreased by 1.5pp from May 2023 to Mar 2026 — a positive development.
Annual Average CPI (Full Year)
1.2pp3.2%
from 2024 average (4.4%)
South Africa's full-year average headline CPI for 2025 was 3.2% — the lowest annual average in 21 years, confirmed by Stats SA in January 2026. This represents a dramatic improvement from 2022's peak of 6.9% and reflects the impact of aggressive SARB rate hikes and falling global commodity prices.
Annual Average CPI (Full Year) has decreased by 1.4pp from 2015 to 2025 — a positive development.
Understanding the data
Headline Inflation (CPI) rose by 0.9 percentage points from Mar 2026 (3.1%) to Apr 2026 (4%) — a deterioration.
Over the 12-period dataset from May 2025 to Apr 2026, Headline Inflation (CPI) has increased by 1.2pp — a net deterioration. The highest recorded value was 4% (Apr 2026) and the lowest was 2.8% (May 2025).
Inflation at 4.0% directly affects the purchasing power of every South African. The SARB targets 3–6%; readings outside that band influence interest rate decisions, which in turn affect mortgage repayments, business investment, and the rand. Food inflation is the component most felt by low-income households.
The SARB targets CPI within a 3–6% band. Readings persistently above 6% typically trigger interest rate hikes. Food and transport make up over 30% of the basket and disproportionately affect lower-income households, whose effective inflation rate often differs from the headline figure. This figure is drawn from the Consumer Price Index April 2026, published by Statistics South Africa.
Trend visualisations
Headline Inflation (CPI)
Unit: %
Headline Inflation (CPI) has increased by 1.2pp from May 2025 to Apr 2026 — a concern.
- May 2025: 2.8%
- Apr 2026: 4%
- Change: +1.2pp over 12 periods
- Recent trend: broadly stable
Food & Non-Alcoholic Beverages CPI
Unit: %
Food & Non-Alcoholic Beverages CPI has increased by 0.7pp from May 2025 to Apr 2026 — a concern.
- May 2025: 2.2%
- Apr 2026: 2.9%
- Change: +0.7pp over 12 periods
- Recent momentum: accelerating downward
SARB Policy Rate (Repo Rate)
Unit: %
SARB Policy Rate (Repo Rate) has decreased by 1.5pp from May 2023 to Mar 2026 — a positive development.
- May 2023: 8.25%
- Mar 2026: 6.75%
- Change: -1.5pp over 18 periods
- Recent trend: broadly stable
Annual Average CPI (Full Year)
Unit: %
Annual Average CPI (Full Year) has decreased by 1.4pp from 2015 to 2025 — a positive development.
- 2015: 4.6%
- 2025: 3.2%
- Change: -1.4pp over 11 periods
- Recent momentum: accelerating downward
Data sources
Data Source
Statistics South Africa
Consumer Price Index December 2025
Published 21 January 2026
Data Source
South African Reserve Bank
MPC Statement March 2026
Published 26 March 2026