Cape town: South Africa's consumer inflation rate rose to 4.5% in May 2026, up from 4.0% in April, marking the highest annual rate recorded since July 2024, when inflation stood at 4.6%. The monthly change in the consumer price index (CPI) was 0.7% in May.
According to South African Government News Agency, Statistics South Africa (Stats SA) attributed the increase in inflation primarily to higher fuel prices. The fuel index recorded a second consecutive sharp monthly increase, rising by 14.3% and pushing the annual fuel inflation rate to 28.7%. Over the past 12 months, petrol prices increased by 24.8% and diesel by 53.8%. The impact of higher fuel prices on overall inflation can be seen by looking at the 'CPI excluding fuel' index. The annual change in this index was 3.7% in May, the same as the previous month. The rate has moved in a narrow range between 3.5% and 3.8% over the past 12 months, with a monthly increase of 0.2% in May.
Stats SA added that inflation for food and non-alcoholic beverages (NAB) continues to subside, declining to 1.9% from 2.9% in April. This is down from the peak of 5.7% recorded in July 2025. Annual deflation for cereal products deepened, dropping to -1.4% from -1.2% in April. Maize meal is 4.4% and brown bread 0.3% cheaper than a year ago. Meat inflation cooled in May, recording an annual increase of 7.3% compared with April's 9.4%, with a monthly rate of -0.8%. Stewing beef prices dropped by 3.0% and beef mince by 2.4% between April and May, with annual increases for these two products being 2.8% and 10.6% respectively.
Inflation for individual quick frozen (IQF) portions also decelerated, declining to 6.7% in May from 7.3% in April. Prices for fruits and nuts and vegetables are lower than a year ago at -8.5% and -6.0% respectively. Both categories have been in deflationary territory since October 2025. The annual rate for the milk, other dairy products and eggs category increased to 0.9% from 0.1% in April. Several products recorded high monthly increases, including full cream long-life milk, up by 1.7% (2.2% year-on-year); low fat fresh milk, higher by 1.5% (3.5% year-on-year); and cheddar cheese, up by 1.5% (6.2% year-on-year).
Annual inflation for the 'other food' category rose to 4.9% from 4.1% in April. Salad dressing rose by 2.3% between April and May and by 10.0% over the past 12 months. Mayonnaise prices witnessed a monthly increase of 2.2% and an annual rise of 8.1%. Salt jumped by 2.5% month-on-month and 9.3% year-on-year. Non-alcoholic beverages also experienced higher inflation rates, increasing to 4.9% from 4.6% in April. The annual rate for Ceylon (black) tea rose to 8.3% from 7.8% in April. Rooibos tea also increased to 7.5% from 5.2%.