FX.co ★ South Africa’s September CPI Edges Up to 4.5% YoY, Nears Midpoint of SARB Target Range

South Africa’s consumer inflation nudged slightly higher in September 2026, with the annual Consumer Price Index (CPI) rising to 4.5% year-on-year, up from 4.4% in August 2026. The latest data, updated on 21 October 2026, shows price growth remaining close to the midpoint of the South African Reserve Bank’s 3–6% target band.

On a year-over-year basis, September’s figure reflects a marginal acceleration in inflation compared to the previous month, which had also been measured against August a year earlier. The comparison underscores a still-contained inflation environment, with no sharp breakout in price pressures despite the slight uptick.

The continuity around the 4.5% mark may offer some comfort to policymakers and markets, suggesting that while inflation is edging higher, it remains broadly stable when viewed against the same period a year ago—and still firmly within the central bank’s comfort zone.