South Africa’s headline consumer inflation rose slightly to 3.1% year-on-year in March 2026, up from 3.0% recorded in February.
This is according to the latest consumer price index (CPI) data released by the country’s statistics agency.
The increase reflects moderate cost pressures across key sectors of the economy, even as food inflation eased and transport costs remained relatively subdued.
What the data is saying
The CPI data shows a marginal increase in inflation, driven by price increases across several categories, although some sectors recorded slower growth or deflation.
- “The cost of living rose by 3,1% in the 12 months to March, according to the latest consumer price index (CPI). This is slightly up from 3,0% recorded in February. Prices increased on average by 0,6% in March 2026 compared with February 2026,” the agency noted.
- Six out of 13 CPI categories recorded higher annual rates, including restaurants and accommodation, education, transport, housing and utilities, information and communication, and recreation.
- Education costs increased significantly, with tuition fees rising by 5.4 per cent in 2026 compared to 4.5% in 2025, led by a 7.5% increase in private secondary school fees.
- Transport remained in deflation at -1.6% year-on-year due to an 8.7% drop in fuel prices, although passenger transport fares rose by 0.7% annually and 1.6% monthly.
These figures indicate a mixed inflation environment, with upward pressure in services offset by lower energy and transport costs.
More Insights
The data highlights diverging trends across major components of the CPI basket, particularly between services and food-related categories. While some costs are rising, others continue to decline due to favourable price movements.
- Food and non-alcoholic beverages inflation slowed to 3.6% in March from 3.7% in February and 4.4% in January.
- Several food categories remained in deflation, including fruits and nuts, vegetables, cereals, and dairy products.
- Dairy and egg prices continued their downward trend, with eggs falling by 6.3% and powdered milk by 5.5% year-on-year.
- Meat prices moderated, with declines recorded in beef products such as stewing beef (-4.2%) and steak (-2.0%), although pork and bacon prices increased.
The statistics agency noted that the March data does not yet reflect the impact of fuel price increases introduced in April, which may influence future inflation readings.
What you should know
Nigeria’s headline inflation rate also increased to 15.38% in March 2026, up from 15.06% recorded in February.
- On a month-on-month basis, inflation stood at 4.18%, up from 2.01% in February.
- The twelve-month average inflation rate increased to 20.05%, compared to 18.58% in March 2025.
- Urban inflation stood at 14.64% year-on-year, while rural inflation was higher at 17.22%.
- Earlier, Nairametrics reported that South Africa’s annual consumer inflation eased to 3% in February 2026, aligning with the central bank’s target.
