FX.co ★ South Africa’s Core CPI Ticks Up to 3.4% in January, Edging Higher from December’s 3.3%

South Africa’s core consumer price index (CPI) recorded a slight acceleration at the start of 2026, with the year-over-year rate rising to 3.4% in January 2026 from 3.3% in December 2025. The latest data, updated on 18 February 2026, reflect a modest firming in underlying inflationary pressures.

The figures are based on year-over-year comparisons, where the January 2026 reading measures price changes relative to January a year earlier, while the December 2025 rate was measured against December of the prior year. The uptick suggests that, although price growth in core categories remains contained, underlying inflation is no longer easing and may warrant closer monitoring by policymakers and market participants.