Annual consumer price inflation eased to 3,5% in November from 3,6% in October. The monthly change in the consumer price index (CPI) was -0,1%.

Annual inflation cooled in five of the 13 product categories, most notably transport; recreation, sport & culture; and information & communication. Four categories registered no change. Food & non-alcoholic beverages (NAB), restaurants & accommodation services, and alcoholic beverages & tobacco recorded higher rates.

Lower prices for used vehicles

The annual change for transport slipped to 0,7% in November from 1,5% in October, pulled lower by softer inflation rates for vehicles and fuel. Vehicle inflation was 0,9%, the lowest print in more than 12 years (since June 2013 when the rate was also 0,9%).

A closer look at the data reveals a consistent decline in used vehicle prices since August 2024. Used vehicles were on average 1,8% cheaper in November 2025 than in November 2024. New vehicles, on the other hand, were 1,2% more expensive.

The graph below provides more information. Prices for used SUV/MPV vehicles were down by 3,9%, while prices for new bakkies climbed by 2,8%.

On the fuel front, prices dropped by 2,2% between October and November, bringing the annual rate for fuel down to 0,1%.

Food inflation heats up

Annual inflation for food & NAB recorded its first increase in four months, quickening to 4,4% in November from 3,9% in October.

Meat prices increased on average by 12,2% in the 12 months to November, the highest annual rate since January 2018 (13,4%). Beef products have experienced high inflation rates for several months. Other meat products have now joined the fray, with pork, mutton & lamb, and sausage prices rising faster.

The milk, other dairy products & eggs category recorded its sixth successive month of deflation. The rate has slowly crept higher though, from -1,6% in September to -1,5% in October and -1,2% in November. Full-cream and low-fat fresh milk have occupied deflationary territory for most of 2025. Similarly, eggs have registered negative annual price changes since November 2024.

Inflation for cereal products moderated to an annual 1,7% from 2,0% in October. The monthly change was -0,6%. Prices for key staple cereals registered monthly declines, including white rice (-3,1%), maize meal (-0,8%) and white bread (-0,5%).

Although the index for oils & fats recorded inflation of 5,2% in November (up from 4,8% in October), margarine products registered negative monthly changes. Specifically, the price index for brick margarine dropped by 2,1% and margarine spread by 0,1% between October and November.

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

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

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