2026.04.2208:00:00UTC+00South Africa’s CPI Ticks Up to 3.1% in March, Staying Near Lower End of SARB Target

South Africa’s consumer price inflation inched higher to 3.1% year-over-year in March 2026, up slightly from 3.0% in February 2026, according to data updated on 22 April 2026. The figures are based on annual comparisons, measuring price changes in each month against the same month a year earlier.

The modest rise keeps inflation hovering just above the lower boundary of the South African Reserve Bank’s typical 3–6% target range, suggesting that overall price pressures remain contained. February’s 3.0% and March’s 3.1% readings both indicate a relatively stable inflation environment on a year-over-year basis, with only a marginal acceleration between the two months.

The continuity between February and March supports a narrative of broadly anchored consumer prices, which could help shape expectations around monetary policy and real income dynamics going into the rest of 2026. However, with the latest move pointing slightly upward, markets and policymakers will be watching upcoming releases for any sign that inflation might be firming from these low levels.