FX.co ★ South Africa Inflation Rate Slows to 3.5% in November

South Africa experienced a slight decline in its annual inflation rate, which decreased to 3.5% in November 2025 from 3.6% in October, coming in just below the anticipated 3.6% rate. Inflation cooled across five of the thirteen product categories, with the most significant changes occurring in the transport sector, which saw a reduction from 1.5% to 0.7%, particularly in fuel prices, dropping from 3.3% to 0.1%. The recreation, sport, and culture sector also saw a decline, with inflation decreasing from 3.4% to 2.9%. Conversely, food and non-alcoholic beverages experienced an increase in price growth, rising to 4.4% from 3.9%, largely driven by an increase in meat prices, which climbed to 12.2% from 11.4%, due to ongoing foot-and-mouth disease outbreaks. Additionally, the rates for restaurants and accommodation services rose to 2.3% from 2.1%, while alcoholic beverages and tobacco saw a slight increase to 4.6% from 4.5%. The core inflation rate, which omits food, non-alcoholic beverages, fuel, and energy, saw a marginal increase to 3.2% in November, up from 3.1% in October. On a month-to-month basis, the Consumer Price Index (CPI) decreased by 0.1%, following a 0.1% rise in the previous month.