South Africa's annual inflation rate eased to 4.3% in July 2026 from a two-year high of 5% in the prior month and below analysts' estimates of 4.5%. Headline inflation eased for the first time in five months, driven mainly by softer prices for food and non-alcoholic beverages, housing & utilities, and transportation. On a monthly basis, the CPI rose by 0.2% in July, down from a 0.7% increase in the month before.