South Africa's PPI inflation was at 2.2% in January 2026, the lowest since August last year, down from a more-than-one-year high of 2.9% recorded in each of the prior three months. The slowdown was largely driven by falling fuel prices during the month, with petrol down 5.3% and gasoline down 4.8%. Prices of transportation equipment also decreased (-0.2% vs 1.6%). In the meantime, price growth moderated for food products, beverages and tobacco products (2.4% vs 2.9%). On a monthly basis, producer prices fell by 0.2% in January, after increasing by a similar margin in the previous month.