FX.co ★ South Africa’s July CPI Eases to 4.3% YoY, Signalling Cooling Inflation Trend

South Africa’s consumer inflation slowed in July 2026, with the year-over-year Consumer Price Index (CPI) easing to 4.3%, down from 5.0% in June 2026. The latest reading, updated on 19 August 2026, indicates a further move away from the higher price pressures seen earlier, suggesting a gradual cooling in consumer prices.

Both the June and July figures are calculated on a year-over-year basis, comparing each month to the same month a year earlier. The step down from 5.0% to 4.3% in July underscores a moderation in inflationary pressures, which could have implications for monetary policy expectations, household purchasing power, and market sentiment toward South Africa’s economic outlook.