FX.co ★ South Africa’s Monthly Inflation Doubles in February, But Remains Contained

South Africa’s consumer price inflation gained momentum in February 2026, with the month‑over‑month Consumer Price Index (CPI) rising to 0.4%, up from 0.2% in January 2026. The data, updated on 18 March 2026, show that price pressures accelerated on a short‑term basis, though overall inflation remains relatively contained.

On a month‑over‑month basis, the February reading means prices grew at twice the pace seen in January, when CPI had stalled at 0.2% compared with the previous month. The comparison is strictly sequential: the current figure measures the change from February to January, while the previous figure captured the change from January to December.

While the uptick signals a firming in near‑term inflation dynamics, the move is modest in absolute terms. Market participants will be watching subsequent releases closely to determine whether February’s rise marks the start of a sustained inflation trend or a temporary acceleration in price growth.