South Africa’s inflation rate ticked slightly lower in January 2026, offering modest relief for consumers but masking persistent price pressures in essential categories.

Data released by Statistics South Africa shows annual consumer price inflation at 3.5% in January, down from 3.6% in December. On a monthly basis, prices increased by 0.2%.Sanisha Packirisamy, Chief Economist at Momentum Investments explains what this means for consumers and the Reserve Bank’s interest rate decisions in March. Kaya FM