Consumer inflation was 3,2% in January 2025, up slightly from 3,0% in December 2024. The January consumer price index (CPI) is the first to incorporate the changes to the CPI basket and weights announced last month.¹

Food inflation slightly softer in January

The CPI for food & non-alcoholic beverages (NAB) increased by 2,3% in the 12 months to January. This is a lower increase than the 2,5% registered in December 2024. Inflation slowed for meat; fruits & nuts; sugar, confectionery & desserts; fish & other seafood; and milk, other dairy products & eggs. Cereal products; hot beverages; cold beverages; oils & fats; and vegetables registered higher rates.

Meat prices were on average 0,5% lower in January 2025 compared with January 2024. This is the third month that the CPI for meat has been in deflation. This is mainly the result of a downward trend in the price index during 2024. However, in January prices increased by 0,8% month-on-month, following a 0,5% rise in December.

Prices for cereal products increased by an annual 3,8% from 3,7% in December. Maize meal prices rose by 4,8% between December and January, taking the annual rate to 10,1%. The annual increase for samp was 15,4%. In contrast, prices dropped for both white (-0,7%) and brown (-0,5%) bread. The annual increase for white bread was 1,9% and for brown bread 1,0%.

Inflation for hot beverages remains sticky at high levels. The annual increase for this category was 13,7% in January, slightly up from 13,5% in December. Overall prices rose by 1,0% between December and January. Instant coffee and rooibos tea both increased by 1,4% month-on-month.

The annual inflation rate for instant coffee entered double-digit territory in March 2022, falling briefly below 10% in August 2023 before peaking at 22,3% in August 2024. The rate in January was 17,2%, the highest of all food products.

Other food & NAB items that witnessed notable annual increases in January include samp, fresh cabbages, dried beans, black tea, whiteners, fizzy drinks and chocolate.

Fuel prices rise for a third straight month

The fuel index witnessed its third consecutive monthly rise, increasing by 0,9% in January compared with December. This took the annual rate to -4,5% from -10,2%. The price for inland 95-octane petrol, for example, was R21,59 in January, up from a recent low of R21,05 in October 2024.² This contributed to the rise in overall transport inflation, which edged higher to -0,2% from -2,0% in December.

Other notable price changes

Insurance & financial services is a new index in the CPI. The index increased by 0,9% from December to January.

For more information, download the January 2025 CPI statistical release and associated Excel files with indices here. The archive is available here.

¹ The weights of the CPI have been updated with effect from the January 2025 release. Changes were also made to the basket of goods and services. All indices have been re-referenced (rebased) so that December 2024 = 100. Changes were made to the classification, resulting in name changes, and the introduction of a new index for insurance & financial services. An article covering the changes to the basket is available here and documents are available here.

² Department of Mineral Resources and Energy. Comparing prices for petrol, diesel and illuminating paraffin (IP) (click here).

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