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Annual inflation rises to 4.5% in September

Published

Statistics South Africa said consumer price inflation rose from 4.4% in August, the second monthly rise in a row. Nedbank had forecast a higher rate of 4.8%, so the result came in below that forecast.

Transport, housing and utilities, and insurance and financial services drove the rise. Transport inflation was 10.8% and added 1.5 percentage points. Housing and utilities inflation was 5.2% and added 1.3 percentage points.

Insurance and financial services inflation was 5.4% and added 0.6 of a percentage point. The index rose 0.4% from August to September. It did not change from July to August, and annual inflation was 4.3% in July.

Nedbank had expected core inflation to rise from 4.0% to 4.4%. The bank also forecast that fuel inflation would rise from 20% to around 27%. It said petrol prices rose 5.3% from one month to the next.

Key facts

Who
Statistics South Africa (publishes the consumer price index data); Nedbank (bank whose Weekly Monitor commentary forecast inflation); Enoch Godongwana (Finance Minister, tabling the Medium-Term Budget Policy Statement); Wandile Sihlobo (Chief Economist at Agricultural Business Chamber)
What
Stats SA said annual CPI inflation edged higher to 4.5% in September 2026, the second straight monthly rise. Transport, housing and utilities, and insurance and financial services were the main contributors; Nedbank had forecast 4.8%.
When
21 October 2026
Where
South Africa
Status
Reported

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