Consumer inflation edges down to 3.5% as food and fuel prices ease

The annual Consumer Price Inflation (CPI) softened in January, edging lower to 3.5% from 3.6% in December. Data released by Statistics South Africa on Wednesday indicates that CPI has returned to its November 2025 level.

This has been attributed to stable food inflation that remained at 4.4% for a third consecutive month, with a decline in white rice, maize and cereal products.

Chief Director for Price Statistics at Stats SA Patrick Kelly says the lower fuel prices also contributed to the lower headline rate.

“Stable Food inflation and lower fuel prices contributed to the lower headline rate. The monthly change in the CPI was 0,2% same as December’s reading. Let’s first look at food inflation which remained at 4,4 % for a third consecutive month. The annual raw for cereal products fell significantly in January declining to 0,6% from 2,1% in December, white rice saw a drop of 11% representing an 11th consecutive month of deflation maize meal declined significantly from 9,5% in December to 2,1% in January.”

SA consumer inflation a bit higher than market expectations in Jan at 3.5% despite a large decline in the fuel price. The upside surprise was partly due to a large increase in meat prices, which relates to the current foot and mouth disease. Meat inflation was measured at 13.5%

— kevin lings (@lingskevin) February 18, 2026