South Africa’s annual inflation rate edged down to 3.5% in November 2025 from 3.6% in October, slightly below market forecasts of 3.6%. Price growth cooled in five of the 13 product categories, most notably transport (0.7% vs 1.5% in October), of which fuels (0.1% vs 3.3%); and recreation, sport & culture (2.9% vs 3.4%). On the other hand, food & non-alcoholic beverages (4.4% vs 3.9%), particularly meat prices (12.2% vs 11.4%), amid ongoing outbreaks of foot-and-mouth disease; restaurants & accommodation services (2.3% vs 2.1%), and alcoholic beverages & tobacco (4.6% vs 4.5%) recorded higher rates. The core inflation rate, which excludes food, non-alcoholic beverages, fuel, and energy, inched up to 3.2% in November from 3.1% in October. On a monthly basis, the CPI fell by 0.1%, following a 0.1% increase in the prior month.