| Month | Headline CPI, year on year |
|---|---|
| August 2026 | 4.4% |
| July 2026 | 4.3% |
| June 2026 | 4.1% |
| May 2026 | 3.8% |
| April 2026 | 3.6% |
| March 2026 | 3.4% |
| February 2026 | 3.2% |
| January 2026 | 3.1% |
| Item | Detail |
|---|---|
| Previous target band | 3% to 6% |
| Current objective | 3%, with the Reserve Bank steering toward the point rather than the band |
| Measure targeted | Headline CPI, year on year |
| Published by | Statistics South Africa, monthly |
| Typical release | Mid month, for the preceding month |
| Year | Average headline CPI | Context |
|---|---|---|
| 2026 to date | about 3.9% | Rising from the 2025 low |
| 2025 | about 3.4% | Below the old band's midpoint |
| 2024 | about 4.4% | Easing through the year |
| 2023 | about 5.9% | Falling from the peak |
| 2022 | about 6.9% | Peaked at 7.8% in July |
| 2021 | about 4.5% | The surge beginning |
| 2020 | about 3.3% | Pandemic demand collapse |
| Held for | At 3% | At 4.4% | At 6% |
|---|---|---|---|
| 5 years | R100 buys R86 | R100 buys R81 | R100 buys R75 |
| 10 years | R100 buys R74 | R100 buys R65 | R100 buys R56 |
| 20 years | R100 buys R55 | R100 buys R42 | R100 buys R31 |
| Year | Average headline CPI | Repo at year end | Real repo rate | Note |
|---|---|---|---|---|
| 2026 | 4.2% | 7.25% | 3.05% | Fuel shock from the Middle East conflict |
| 2025 | 3.2% | 6.75% | 3.55% | Lowest annual average in 21 years |
| 2024 | 4.4% | 7.75% | 3.35% | Easing through the year |
| 2023 | 5.9% | 8.25% | 2.35% | Falling from the peak |
| 2022 | 6.9% | 7.00% | 0.10% | Peaked at 7.8% in July |
| 2021 | 4.5% | 3.75% | -0.75% | Negative real rates |
| 2020 | 3.3% | 3.50% | 0.20% | Pandemic demand collapse |
| 2019 | 4.1% | 6.50% | 2.40% | Inside the old band |
| 2018 | 4.6% | 6.75% | 2.15% | VAT rose to 15% |
| 2017 | 5.3% | 6.75% | 1.45% | Easing after the drought |
| 2016 | 6.3% | 7.00% | 0.70% | Above the band, drought driven |
| 2015 | 4.6% | 6.25% | 1.65% | Oil price collapse helped |
| 2014 | 6.1% | 5.75% | -0.35% | Above the band |
| 2013 | 5.7% | 5.00% | -0.70% | Rand weakness feeding through |
| 2012 | 5.7% | 5.00% | -0.70% | Stable but elevated |
| 2011 | 5.0% | 5.50% | 0.50% | Rising from the trough |
| 2010 | 4.3% | 5.50% | 1.20% | Post-crisis low |
| 2009 | 7.1% | 7.00% | -0.10% | Falling from the 2008 spike |
| 2008 | 11.5% | 12.00% | 0.50% | Food and fuel spike |
| 2007 | 7.1% | 11.00% | 3.90% | Breaking above the band |
| 2006 | 4.6% | 9.00% | 4.40% | Inside the band |
| 2005 | 3.4% | 7.00% | 3.60% | Low and stable |
| 2004 | 1.4% | 7.50% | 6.10% | Lowest on the modern series |
| 2003 | 5.8% | 8.00% | 2.20% | Falling sharply |
| 2002 | 9.2% | 13.50% | 4.30% | Rand collapse feeding through |
| 2001 | 5.7% | 9.50% | 3.80% | Before the currency crisis |
| 2000 | 5.3% | 12.00% | 6.70% | Inflation targeting introduced |
Data maintained by TradeAnswers · updated as the figures change