CPI rises slightly to 3.1% in March 2026

Annual Consumer Price Inflation (CPI) rose slightly to 3,1% in March 2026, up from 3,0% in February, with housing and utilities remaining the biggest drivers of inflation.

Data from Statistics South Africa (Stats SA) shows that food prices also continued to contribute, along with higher costs for insurance and financial services.

But several categories of the food basket in the March data show an overall slowdown, with food prices easing for a second consecutive month.

This data does not reflect the current inflation outlook from the South African Reserve Bank and other economists on the back of the conflict in the Middle East.

The continued instability in that region has seen oil and fertiliser prices rise, which economists said may lead to increases in not only food prices but broadly in the domestic economy in the coming months.

The chief director for food prices at Stats SA, Patrick Kelly, explained.

“The cost of living rose by 3.1% in the 12 months to March, according to the latest consumer price index. This is slightly up from the 3.0 %recorded in February. Prices increased on average by 0.6%in March 2026 compared with February 2026. Six of the 13 categories in the CPI basket recorded higher annual rates. “