FX.co ★ South Africa’s Core CPI Ticks Up to 3.6% YoY in April, Easing Further Away from Lows

South Africa’s core consumer price index (CPI) accelerated to 3.6% year-over-year in April 2026, up from 3.2% in March 2026, according to data updated on 20 May 2026. The move marks a modest pick-up in underlying inflation pressures after a period near the lower end of recent readings.

The figures are based on a year-over-year comparison, with the April “actual” rate reflecting the change versus April a year earlier, and the March “previous” figure comparing that month to the same month a year before. The rise from 3.2% to 3.6% in core CPI suggests a gradual firming in price growth once volatile components such as food and energy are stripped out, and will likely factor into assessments of South Africa’s inflation trajectory and monetary policy outlook.