CPI eases in November, but some food inflation ahead of festive season

Annual consumer price inflation eased slightly in November 2025, but inflation for food ticked up.

The consumer price index (CPI), decreased by -01% to 3,5% in November, from 3,6% in October. 

Annual inflation cooled in five of the 13 product categories, says Statistics SA. The most notable were transport; recreation, sport and culture; information and communication. Four categories registered no change. 

Higher rates were recorded for food & non-alcoholic beverages (NAB), restaurants and accommodation services, alcoholic beverages and tobacco.

Annual inflation for food and NAB recorded the first increase in four months - rising to 4,4% in November from 3,9% in October.

Meat prices increased on average by 12,2% in the 12 months to November, the highest annual rate since January 2018.

Noting that beef products have experienced high inflation rates for several months, Stats SA said other meat products are following suit with pork, mutton, lamb and sausage prices rising faster.

Overall, says Econometrix chief economist Azar Jammine, food price inflation is being contained.

And it is likely to remain contained considering the very favourable agricultural weather conditions prevailing in many areas, he adds.

"The big problem we've had is the foot and mouth disease (FMD) issue that has resulted in an escalation of beef prices, and now we're seeing a lot of piggyback by other meat products as demand is pushed up for those."

Despite a positive outlook, Jammine is circumspect about the prospect of another interest rate cut in January, as some analysts are now predicting. "I think it's possible... but there's still quite a long way to go till the 30th of January", he says.

Scroll up to the audio player to listen to Jammine's analysis