South Africa’s annual consumer inflation rate increased to 4.5% in September 2026, up from 4.4% in August, according to Statistics South Africa.

The consumer price index rose by 0.4% month-on-month in September. The figures were also reported by Reuters following the official release on 21 October 2026.

What the latest inflation figures show

The September reading means the overall consumer price level was 4.5% higher than it was a year earlier. The increase from August’s 4.4% annual rate shows that inflation accelerated slightly.

Inflation does not mean that every product or service increased by the same amount. It measures the overall change in prices across the basket of goods and services tracked by Stats SA.

Why the figures matter

Inflation affects the purchasing power of household income because higher average prices can reduce how much consumers can buy with the same amount of money.

The result will also form part of the information considered by the South African Reserve Bank when it assesses monetary policy. However, one inflation release does not by itself confirm that interest rates will rise, fall or remain unchanged. The Reserve Bank considers the broader inflation outlook, economic growth, the rand and global risks when making its decisions.

Detailed price drivers still to be confirmed

Stats SA released the September 2026 CPI figures at 10:00 SAST on 21 October 2026. At the time of writing, the detailed publication containing the full category breakdown was not reliably accessible.

SA Business Lens has therefore not attributed the increase to specific household costs. This article can be updated once the official detailed tables have been verified.

The key figures

  • Annual inflation: 4.5% in September, compared with 4.4% in August.
  • Monthly inflation: 0.4% in September, compared with no change in August.
  • Release: Stats SA P0141, Consumer Price Index for September 2026.

Sources: Statistics South Africa’s September CPI key findings; Reuters report confirming the September figures; and the South African Reserve Bank’s September monetary policy statement.

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