South Africa Inflation Slightly Rises To 3.4% In September

South Africa's annual consumer inflation rate increased slightly to 3.4% in September 2025 from 3.3% in August, aligning with expectations but remaining within the South African Reserve Bank's target range of 3-6%. This modest rise was primarily driven by higher costs in housing, utilities, and food and non-alcoholic beverages, with meat prices notably surging to their highest level since 2018 due to ongoing supply constraints. Despite the increase, some components such as transport costs saw minimal change or slight declines, and food price inflation showed signs of easing overall. The Reserve Bank has maintained a cautious approach, holding its repo rate steady in September after three cuts earlier in the year, aiming to lock in low inflation. The central bank's next policy decision is scheduled for November 20 to assess the impact of previous monetary policy moves. This inflation trend reflects ongoing pressure on household budgets from essential goods and services.