Headline consumer inflation cooled to 3,0% in February from 3,5% in January. The monthly change in the consumer price index (CPI) was 0,4%.

To understand why inflation decreased this month, it is useful to compare the monthly change in February this year (0,4%) with February 2025 (0,9%). February’s monthly print was lower than average, and this is attributed to three main factors.

First, there was a delay in implementing some new medical aid rates. Most medical schemes increase prices at the beginning of the year and are surveyed by Stats SA in February, resulting in a higher-than-average monthly rate. In February 2026, however, not all medical schemes had adjusted their contributions, resulting in a lower monthly change than would otherwise have been the case. Those schemes that implemented increases contributed to an average rise of 6,4% in health insurance, lower than the 10,5% increase recorded in February 2025.

Health insurance has a relatively large weight of 6,2% in the inflation basket, so the delayed implementation of medical aid contributions in February had a notable impact on the headline rate. If medical scheme contributions are implemented later in the year, these changes will most likely affect the headline rate.

Second, there was a substantial decline in fuel prices in February. Fuel prices decreased by 3,1% month-on-month compared with a rise of 3,9% recorded in February 2025, contributing to an annual decline of 10,1% in the fuel index.

Third, prices for medical services increased at a slower pace compared with the same month last year. Most health services are surveyed in February each year. The monthly change in the index was 3,8%, lower than the 5,0% recorded in February 2025. Examples of monthly increases recorded in February 2026 include dentists (5,3%), paediatricians (4,4%), general practitioners (3,5%), physiotherapists (2,2%) and optometrists (1,6%).

Food inflation slows for the first time in four months

Softer food & non-alcoholic beverages (NAB) inflation also contributed to the lower CPI print in February. The annual rate for food & NAB declined to 3,7% from 4,4% in January. The monthly change was -0,3%. Five of the 10 subgroups recorded negative month-on-month changes, while four registered negative annual changes.

Cereal products entered deflationary territory at -0,5%, down from 0,6% in January. White rice is 12,5%, spaghetti 0,5%, and brown bread 0,1% cheaper than a year ago.

Those who enjoy a weekend braai can breathe a little easier. Meat inflation eased to 12,2% from 13,5% in January. The monthly rate was -1,1%, the first decline in almost a year. Beef products recorded large monthly price decreases, including beef offal (-4,0%), stewing beef (-3,7%), beef mince (-3,2%) and beef steak (-2,6%). Other notable meat products that were cheaper include pork (-1,6%) and lamb & mutton (-1,4%).

Cooking oil prices were also down. The price index for oils & fats declined by 0,4% between January and February. The annual rate was 4,0%, unchanged from January. Lower monthly prices were recorded for olive oil (-2,1%), sunflower oil (-0,6%) and margarine spread (-0,4%).

Inflation for alcoholic beverages rose to 5,1% from 4,6% in January, with a 0,7% monthly increase. Beer prices were up by 1,2% in the month, taking the annual rate to 6,6%. The index for brandy rose by an annual 6,0% and for spirit coolers & cider by 4,8%.

For more information, download the February 2026 CPI statistical release and associated Excel files with indices and average prices here.

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