South Africa’s annual inflation rate ticked up to 3.4% in September 2025 from 3.3% in August, slightly below market forecasts of 3.5%. It remains comfortably within the South African Reserve Bank's target range of 3%-6%. Price growth accelerated primarily for housing & utilities (4.5% vs 4.3% in August) and restaurants & hotels (3% vs 2.6%). At the same time, transportation costs declined at a slower pace (-0.1% vs -1.4%), of which fuels (-2.2% vs -5.7%). The core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, inched up to a seven-month high of 3.2% in September 2025, from 3.1% in the prior month. On a monthly basis, the CPI rose by 0.2% in September, following a 0.1% decrease in the prior month.