Annual consumer price inflation (CPI) softened in January, slowing to 3.5% from 3.6% in December. Data released on Wednesday by Statistics South Africa indicate that the CPI has returned to its November 2025 level.
This was attributed to stable food inflation which stood at 4.4% for the third consecutive month, led by declines in white rice, maize and cereal products.
Patrick Kelly, chief director of price statistics at Stats SA, says low fuel prices also contributed to the low headline rate.
“Stable food inflation and lower fuel prices contributed to the lower headline rate. The monthly change in CPI was 0,2%, similar to December's reading. Let's first look at food inflation which stood at 4,4% for the third consecutive month. Annual raw material inflation for grain products declined to 0,6% in January from 2,1% in December, white rice saw an 11% decline, representing the 11th consecutive month of deflation. “Maize meal has declined significantly from 9.5% in December to 2.1% in January.”
SA consumer inflation in January came in at 3.5%, slightly above market expectations, despite a big fall in fuel prices. The upside surprise was partly due to the large increase in meat prices, related to the current foot-and-mouth disease. Meat inflation measured at 13.5%
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