---
source: Statistics South Africa
url: https://www.statssa.gov.za/publications/P0141/P0141February2026.pdf
document_type: pdf
date_retrieved: 2026-03-18
period: February 2026
parent_publication: Consumer Price Index (P0141)
indicators_covered: 
  - Inflation Rate YoY
  - Inflation Rate MoM
  - Core Inflation Rate YoY
  - Core Inflation Rate MoM
---

# Consumer Price Index, February 2026

**Release Date:** 18 March 2026  
**Reference Period:** February 2026  
**Statistical Release Code:** P0141

## Executive Summary

Annual consumer price inflation was **3.0% in February 2026**, down from 3.5% in January 2026, representing a significant 50 basis point disinflation. The month-on-month CPI increase was 0.4%, indicating contained monthly price pressures. Core inflation measures, excluding volatile food, fuel, and energy components, remain steady at 3.0%, suggesting underlying inflation is well-anchored.

## Key Findings

### Headline Consumer Price Index (CPI) for All Urban Areas

**Annual consumer price inflation was 3.0% in February 2026, down from 3.5% in January 2026.** The CPI increased by 0.4% month-on-month in February 2026.

The main contributors to the 3.0% annual inflation rate were:

- **Housing and utilities:** 4.8% (contributing 1.1 percentage points)
- **Food and non-alcoholic beverages:** 3.7% (contributing 0.7 of a percentage point)
- **Insurance and financial services:** 4.7% (contributing 0.5 of a percentage point)

In February 2026, the annual inflation rate for:

- **Goods:** 1.9% (down from 2.7% in January 2026)
- **Services:** 3.8% (down from 4.2% in January 2026)

## Detailed Results

### Table A – Consumer Price Index: Main Indices

(Index: Dec 2024 = 100)

| Group | Weight | Feb 2025 | Jan 2026 | Feb 2026 | MoM Change | YoY Change |
|-------|--------|----------|----------|----------|------------|-----------|
| **All items (CPI Headline)** | 100.00 | 101.2 | 103.8 | 104.2 | 0.4% | 3.0% |
| CPI excluding food and NAB, fuel and energy | 74.53 | 101.3 | 103.6 | 104.3 | 0.7% | 3.0% |
| CPI for all goods | 48.37 | 100.9 | 103.1 | 102.8 | -0.3% | 1.9% |
| CPI for durable goods | 7.66 | 100.4 | 99.0 | 99.0 | 0.0% | -1.4% |
| CPI for semi-durable goods | 5.84 | 100.4 | 100.8 | 100.9 | 0.1% | 0.5% |
| CPI for non-durable goods | 34.87 | 101.1 | 104.3 | 104.0 | -0.3% | 2.9% |
| **CPI for services** | 51.63 | 101.6 | 104.4 | 105.5 | 1.1% | 3.8% |
| CPI for administered prices | 12.90 | 101.6 | 104.1 | 103.3 | -0.8% | 1.7% |
| CPI excluding administered prices | 87.10 | 101.2 | 103.7 | 104.3 | 0.6% | 3.1% |
| CPI for administered prices excluding fuel and paraffin | 9.05 | 100.6 | 107.1 | 107.1 | 0.0% | 6.5% |
| CPI excluding food and NAB | 81.77 | 101.3 | 103.6 | 104.1 | 0.5% | 2.8% |
| CPI excluding fuel | 96.20 | 101.1 | 104.0 | 104.6 | 0.6% | 3.5% |
| CPI excluding food and NAB and fuel | 77.97 | 101.2 | 103.9 | 104.6 | 0.7% | 3.4% |
| CPI excluding housing | 75.90 | 101.6 | 103.4 | 104.0 | 0.6% | 2.4% |
| CPI excluding fuel and energy | 92.76 | 101.2 | 103.8 | 104.4 | 0.6% | 3.2% |
| CPI excluding energy | 96.56 | 101.3 | 103.5 | 104.0 | 0.5% | 2.7% |
| CPI excluding owners' equivalent rent | 88.84 | 101.4 | 103.8 | 104.3 | 0.5% | 2.9% |
| CPI for total country | 100.00 | 101.2 | 103.7 | 104.1 | 0.4% | 2.9% |
| CPI for rural areas | 11.44 | 101.0 | 103.4 | 103.4 | 0.0% | 2.4% |

### Core Inflation Measures

The document presents several core inflation measures (excluding volatile components):

- **CPI excluding food and NAB, fuel and energy:** 3.0% YoY (0.7% MoM)
- **CPI excluding food and NAB and fuel:** 3.4% YoY (0.7% MoM)
- **CPI excluding administered prices:** 3.1% YoY (0.6% MoM)

Core inflation remains anchored, with all primary core measures clustered between 3.0% and 3.4%, indicating sticky but manageable underlying inflation pressures.

### Geographic Distribution

CPI inflation varies across provinces (February 2026 YoY):

| Province | Weight | Feb 2026 YoY |
|----------|--------|-------------|
| Western Cape | 18.06 | 2.9% |
| Eastern Cape | 7.65 | 2.4% |
| Northern Cape | 1.82 | 2.5% |
| Free State | 4.14 | 2.8% |
| KwaZulu-Natal | 14.58 | 3.0% |
| North West | 5.38 | 2.9% |
| Gauteng | 35.87 | 3.0% |
| Mpumalanga | 6.41 | 2.7% |
| Limpopo | 6.09 | 3.1% |

Regional variation is modest, ranging from 2.4% (Eastern Cape) to 3.1% (Limpopo), with major economic centers (Gauteng, KwaZulu-Natal) at or near headline inflation.

### Expenditure Deciles

Inflation by income level (CPI per expenditure decile, Feb 2026 YoY):

| Decile | Weight | YoY Change |
|--------|--------|-----------|
| Decile 1 (lowest) | 0.71 | 2.4% |
| Decile 2 | 1.31 | 2.5% |
| Decile 3 | 1.85 | 2.6% |
| Decile 4 | 2.54 | 2.8% |
| Decile 5 | 3.30 | 2.8% |
| Decile 6 | 4.42 | 3.0% |
| Decile 7 | 6.23 | 3.0% |
| Decile 8 | 8.89 | 3.1% |
| Decile 9 | 15.03 | 3.0% |
| Decile 10 (highest) | 55.72 | 3.0% |

Notably, lower-income households (Deciles 1-3) experience slightly lower inflation (2.4-2.6%) compared to higher-income groups, suggesting some price relief at the bottom of the income distribution.

### Transport Sector Detail

Transport, a critical household expense (13.89% weight), showed significant deflation driven by fuel:

- **Fuel:** -10.1% YoY (-3.1% MoM), the primary disinflationary driver
- **Operation of personal transport equipment:** -5.9% YoY (-2.1% MoM)
- **Passenger transport services:** -0.1% YoY

### Housing and Utilities

Housing and utilities (24.10% weight) remains the largest inflationary pressure:

- **Actual rentals for housing:** 3.7% YoY (0.0% MoM)
- **Owners' equivalent rent:** 3.5% YoY (0.0% MoM)
- **Electricity, gas and other fuels:** 7.5% YoY (0.1% MoM)
- **Water supply and miscellaneous services:** 7.1% YoY (0.2% MoM)

### Food and Non-Alcoholic Beverages

Food inflation eased to 3.7% YoY (0.0% MoM), down from 4.4% in January—the first slowdown in four months:

- Consumers benefited from lower prices in cereals, meat products, and cooking oils
- Non-alcoholic beverages inflation at 1.2% YoY (0.1% MoM)

### Health

Health services inflation accelerated significantly:

- **Health services:** 4.4% YoY (3.8% MoM)
- **Medicines and health products:** 4.4% YoY (0.2% MoM)

The month-on-month spike in health services reflects delayed medical aid increases, a known seasonal pattern.

### Alcoholic Beverages and Tobacco

Alcoholic beverages showed varied pressure:

- **Beer:** 6.6% YoY (1.2% MoM)
- **Wine:** 4.5% YoY (0.2% MoM)
- **Spirits and liqueurs:** 2.7% YoY (0.3% MoM)
- **Tobacco:** 0.3% YoY (no monthly change)

## Comparison with Previous Months

### Year-on-Year Inflation Trend

| Period | CPI Headline | Core (ex-food, fuel, energy) | Goods | Services |
|--------|-------------|------------------------------|-------|----------|
| February 2025 | 3.0% | — | — | — |
| January 2026 | 3.5% | — | 2.7% | 4.2% |
| February 2026 | 3.0% | 3.0% | 1.9% | 3.8% |

## Analysis

**Disinflation Momentum:** The decline from 3.5% annual inflation in January to 3.0% in February represents significant disinflation, with both goods (-80 bps) and services (-40 bps) contributing to the slowdown. This is the strongest disinflationary move in recent months.

**Goods Deflation:** Goods inflation fell from 2.7% to 1.9% YoY, with durable goods showing outright deflation at -1.4% YoY. This reflects weak consumer demand and improved supply conditions, particularly in fuel (-10.1% YoY) and durable goods categories.

**Service Inflation Persistence:** Services inflation remains sticky at 3.8% YoY, down from 4.2% in January but still elevated. Housing (3.5-3.7%) and utilities (7.1-7.5%) drive sustained service inflation, while health services show seasonal spikes.

**Core Inflation Stability:** Core inflation measures (excluding food, fuel, energy) remain near headline at 3.0-3.4%, with core ex-administered prices at 3.1%. This suggests underlying inflation pressures are contained and not merely driven by transitory commodity deflation.

**Fuel Impact:** The 10.1% annual decline in fuel prices is the primary disinflationary driver, contributing materially to goods deflation and overall headline moderation. This reflects global energy market dynamics.

**Affordability Implications:** Lower-income households (Deciles 1-3) experience marginally lower inflation (2.4-2.6%), providing some relief, though housing and utilities remain structural drags for all income groups.

## General Information

Not all items in the CPI are surveyed every month. Table F shows the survey schedule for items not surveyed monthly. Additional surveys are conducted when Statistics South Africa is aware of significant price changes outside regular survey months.

**Forthcoming Release:** March 2026 CPI is scheduled for release on 22 April 2026.

**Enquiries Contact:** Andrew Rankhumise (Tel: 060 996 3240)

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**Document Source:** Statistics South Africa (Stats SA)  
**Publication Code:** P0141  
**Official URL:** https://www.statssa.gov.za/publications/P0141/P0141February2026.pdf