FX.co ★ South Africa’s Core CPI Acceleration in January Signals Firmer Underlying Inflation

South Africa’s underlying inflation picked up at the start of 2026, with core consumer prices rising 0.3% month-over-month in January, up from a 0.1% increase in December 2025. The latest data, updated on 18 February 2026, point to a modest but clear acceleration in price pressures beneath the headline figures.

On a month-over-month basis, the January reading shows that core inflation—stripped of the most volatile components—grew three times faster than in the previous month. In December 2025, core CPI had inched up by just 0.1% compared with November, but the stronger 0.3% gain in January 2026 suggests a firmer trend in underlying price dynamics. Investors and policymakers will be watching upcoming releases closely to gauge whether this uptick marks the start of a sustained rise in core inflation or a short-term adjustment.