Annual consumer price inflation rose to 4.5% in September 2026 from 4.4% in August and 4.3% in July, Statistics South Africa (Stats SA) said on Wednesday. Prices rose 0.4% from August to September, after no change from July to August.
It is the second straight monthly rise in headline inflation. Stats SA released the data on the day Finance Minister Enoch Godongwana tabled the Medium-Term Budget Policy Statement.
What drove the increase
Source: Stats SA.
Nedbank had forecast headline inflation of 4.8% for September, so the outcome came in below that forecast. The bank pointed to petrol prices up 5.3% month on month, on a jump of about 14.1% in global oil prices and a rand depreciation of about 1.7% against the US dollar.
What analysts expect next
Nedbank expects fuel inflation to rise from about 20% to around 27%, and core inflation from 4.0% to 4.4% as higher fuel costs spread to other goods and services. It expects food inflation to keep rising moderately from a low base. These are the bank's forecasts, not official figures.
In the mini-budget, Godongwana announced a temporary fuel levy cut from 4 November, R1.50 a litre on petrol and R3 a litre on diesel. He said: "This intervention will help ease cost of living pressures without compromising the sustainability of the budget."
