FX.co ★ South Africa’s CPI Eases to 3.5% in January, Staying Comfortably Within SARB Target Band

South Africa’s consumer price inflation (CPI) edged down slightly in January 2026, registering 3.5% year-over-year, compared with 3.6% in December 2025, according to data updated on 18 February 2026. The latest figure keeps inflation well within the South African Reserve Bank’s target range, signalling a continuation of relatively contained price pressures at the start of the year.

On a year-over-year comparison basis, January’s reading reflects the change in prices versus January a year earlier, while December’s 3.6% figure was measured against the same month of the previous year. The marginal decline suggests that, despite ongoing global and domestic uncertainties, consumer price growth remains stable, potentially giving policymakers more room to balance inflation control with support for economic activity.