South Africa’s annual inflation rate accelerated to four per cent in April 2026, marking its highest level since August 2024, as rising fuel prices pushed transportation and consumer costs higher across the economy.

This is according to data released by Statistics South Africa on Wednesday.

The increase reflects mounting pressure from energy-related costs despite continued moderation in food inflation.

Statistics South Africa attributed the sharp rise in inflation largely to the surge in fuel prices during April.

“Consumer inflation jumped to four per cent in April from 3.1 per cent in March, driven mainly by sharp fuel price increases. This is the highest inflation print since August 2024, when the headline rate was 4.4 per cent,” the agency stated.

Fuel prices increased by 18.2 per cent month-on-month in April, marking the steepest monthly increase since the current CPI measurement framework was introduced in 2008.

Petrol prices climbed by 15.2 per cent, while diesel prices surged by 35.4 per cent during the month.

The statistics agency noted that rising fuel costs significantly increased transportation expenses for households and businesses across the country.

The increase in fuel prices also triggered broader increases across transport-related services and other consumer categories.

The passenger transport services index increased by 3.1% between March and April, representing the sharpest monthly increase since July 2022.

Airfare prices surged by 24.5% in April after already rising by 14.3% in March, marking the biggest monthly increase in airline ticket prices since March 2008.

Health-related expenses also increased, with medical aid contributions rising by 1.8% month-on-month, pushing annual inflation in the category to 8.3%.

Despite higher transport and healthcare costs, food inflation continued to ease, helping to partially offset broader inflationary pressures.

South Africa’s inflation trajectory has remained relatively moderate over the past year following earlier monetary tightening measures by the South African Reserve Bank.

Food and non-alcoholic beverage inflation declined for the third consecutive month, easing to 2.9% in April from 3.6% in March.

Inflation within the meat category slowed significantly, with beef mince inflation dropping from 22.2% to 15.3%, while stewing beef inflation declined from 22.6% to 8.7%.

The cereals category remained in deflation for the third straight month, with products such as maize meal, rice, porridge and bread flour recording lower prices compared to a year earlier.

Inflation for milk, dairy products and eggs recovered slightly to 0.1% from negative 0.5% in March, marking the first annual increase in the category since May 2025.

The moderation in food prices has helped cushion consumers from the full impact of higher fuel and transportation costs.

Nairametrics reported earlier that South Africa’s headline consumer inflation rose slightly to 3.1% year-on-year in March 2026, up from 3.0% recorded in February.

The latest inflation figures are expected to shape monetary policy expectations ahead of the South African Reserve Bank’s next interest rate decision scheduled for May 28, 2026.

South Africa’s central bank maintains an inflation target of 3%, with a tolerance band of one percentage point above or below the target.

The Reserve Bank held interest rates steady during its January and March policy meetings amid signs of moderating inflation.

South Africa reported a further deterioration in the country’s labour market, with the official unemployment rate rising to 32.7 per cent in the first quarter of 2026, up from 31.4 per cent in the fourth quarter of 2025.