FX.co ★ South Africa’s Core CPI Stalls in August, Signalling a Pause in Underlying Price Pressures

South Africa’s core consumer price index (CPI) recorded no change on a month-over-month basis in August 2026, after rising 0.5% in July, according to data updated on 23 September 2026. The August core CPI growth rate came in at 0.0%, marking a clear cooling in underlying inflation momentum compared with the previous month.

The figures show that, on a month-over-month basis, core inflation has shifted from a moderate increase in July 2026 to a complete standstill in August 2026. The comparison underscores a pause in price pressures in core categories, which strip out more volatile components and are closely watched as an indicator of underlying inflation trends.

This stabilization in core prices could influence expectations around the inflation outlook and monetary policy, as it suggests that the underlying pace of price increases has eased, at least temporarily, heading into the latter part of 2026.