South Africa’s headline consumer inflation edged up slightly to 3.1 per cent year-on-year in March 2026, compared to 3.0 per cent recorded in February, according to the latest consumer price index data released by the country’s statistics agency.

The marginal increase reflects moderate cost pressures across key sectors of the economy, even as food inflation eased and transport costs remained relatively subdued during the period.

According to the agency, inflation rose slightly on a monthly basis, driven by price increases across several categories, although some sectors experienced slower growth or outright deflation. “The cost of living rose by 3,1% in the 12 months to March, according to the latest consumer price index (CPI). This is slightly up from 3,0% recorded in February. Prices increased on average by 0,6% in March 2026 compared with February 2026,” the agency noted.

Six out of the 13 CPI categories recorded higher annual inflation rates, including restaurants and accommodation, education, transport, housing and utilities, information and communication, as well as recreation. Education costs recorded a notable increase, with tuition fees rising by 5.4 per cent in 2026 compared to 4.5 per cent in 2025, driven largely by a 7.5 per cent increase in private secondary school fees.

Transport costs, however, remained in deflation at minus 1.6 per cent year-on-year, largely due to an 8.7 per cent drop in fuel prices. Despite this, passenger transport fares recorded increases of 0.7 per cent on an annual basis and 1.6 per cent on a monthly basis.

These trends point to a mixed inflation environment, with rising service-related costs being offset by lower energy and transport expenses.

The data also revealed diverging patterns across major components of the CPI basket, particularly between services and food-related categories. While some costs are increasing, others are declining due to favourable price movements.

Food and non-alcoholic beverages inflation slowed to 3.6 per cent in March, down from 3.7 per cent in February and 4.4 per cent in January. Several food categories remained in deflation, including fruits and nuts, vegetables, cereals and dairy products.

Prices of dairy and eggs continued to decline, with egg prices falling by 6.3 per cent and powdered milk dropping by 5.5 per cent year-on-year. Meat prices also moderated, with declines recorded in beef products such as stewing beef at minus 4.2 per cent and steak at minus 2.0 per cent, although pork and bacon prices recorded increases.

The statistics agency noted that the March inflation figures do not yet capture the impact of fuel price increases introduced in April, which may influence future inflation readings.

In Nigeria, headline inflation also rose, reaching 15.38 per cent in March 2026, up from 15.06 per cent recorded in February. On a month-on-month basis, inflation increased to 4.18 per cent from 2.01 per cent in February.

The twelve-month average inflation rate climbed to 20.05 per cent, compared to 18.58 per cent in March 2025. Urban inflation stood at 14.64 per cent year-on-year, while rural inflation was higher at 17.22 per cent.

Earlier reports indicated that South Africa’s annual consumer inflation had eased to 3 per cent in February 2026, aligning with the central bank’s target before the slight uptick recorded in March.