FX.co ★ South Africa’s Core CPI Eases to 3.0% YoY in February, Down from 3.4% in January

South Africa’s core consumer price index (CPI) growth slowed in February 2026, easing to 3.0% year-over-year from 3.4% in January 2026. The latest reading, updated on 18 March 2026, indicates a further moderation in underlying inflationary pressures.

Both the current and previous figures are measured on a year-over-year basis, comparing each month’s price levels to the same month a year earlier. While January’s 3.4% core CPI pointed to a still-contained inflation backdrop, February’s decline to 3.0% suggests that core price growth is moving lower, potentially offering policymakers more room to maneuver on interest rates if the trend persists.

The softer core inflation print could also ease pressure on household budgets and support real purchasing power, though its broader impact will depend on how headline inflation and other economic indicators evolve in the coming months.