Annual consumer inflation rose slightly to 3,4% in September from 3,3% in August. The monthly change in the consumer price index (CPI) was 0,2%.

Annual inflation accelerated across several product categories, most notably transport and restaurants & accommodation. In contrast, food & non-alcoholic beverages (NAB); alcoholic beverages & tobacco; and furnishings, household equipment & routine maintenance recorded lower rates.

Food & NAB was a mixed bag in September. Meat and maize meal inflation remained elevated while price decreases were recorded for products such as milk, eggs and white rice.

Meat inflation continues to surge

Meat inflation reached 11,7%, the highest annual rate since January 2018 (13,4%). While month-on-month increases for beef products have slowed, price levels remain high. Stewing beef, for example, recorded an annual rise of 32,2%, but no monthly change.

Other meat categories are also feeling the heat. The annual rates for pork and lamb accelerated notably in September. Chicken inflation is also rising, albeit at a slower rate. IQF (individual quick frozen) chicken climbed to 5,0% from 4,4% in August, boosted by a monthly increase of 1,1%.

Milk and eggs cheaper than a year ago

The milk, other dairy products & eggs category remained in deflationary territory for a fourth consecutive month, with prices on average 1,6% lower than a year ago.

Most varieties of milk were cheaper. For example, prices for fresh full-cream milk decreased by an annual 2,1%. Egg prices were also lower, with the annual rate for eggs dropping further to -8,2% from -6,7% in August. The average price of a box of 18 eggs, for example, was R62,58 in September 2025, down from R69,36 in September 2024.

Cheese inflation was higher, however, with Gouda 6,4% and cheddar 6,3% more expensive than a year ago.

The annual rate for cereal products crept up to 1,6% from 1,5% in August. Prices for white rice continue to fall, with the index 7,8% lower than a year ago. On the other end of the scale, maize meal inflation accelerated to 9,5% from 8,2% in August.

NAB eased to 4,1% from 4,9%. In September 2024, the rate was 9,5%. Inflation for hot beverages cooled slightly to 9,0% from 10,0% in August, much lower than the 15,8% recorded a year ago. Products in the NAB category that experienced the highest rates include coffee (12,2%), fizzy drinks in a can (7,8%) and black tea (7,1%). Fizzy drinks in a bottle, however, declined by 1,3%.

The graph below shows the food and beverage products that recorded the sharpest price increases and decreases in September.

Other notable price changes

The September CPI release contains results for the most recent quarterly survey of housing rentals. Actual rentals increased by an annual 3,2%, up from 3,0% in June. Townhouse rentals registered a large annual rise of 5,4% from 4,1% in the previous quarter. Imputed rentals accelerated to 3,0% from 2,5%.

The transport category recorded its thirteenth month of deflation, with the annual rate at -0,1% in September. Motor vehicles are 1,4% more expensive than a year ago. Passenger transport is 1,9% cheaper. Fuel prices declined by 0,3% between August and September. The annual rate for fuel was -2,2%.

For more information, download the September 2025 CPI statistical release and associated Excel files with indices and average prices here.

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