South Africa’s annual consumer price inflation eased to 4.3% in July 2026 from 5% in June, when it reached a two-year high, and undershot analysts’ 4.5% estimate. The slowdown was driven mainly by weaker price growth for food and non-alcoholic beverages, housing and utilities, and transportation, with lower fuel prices also reducing transport-cost pressures. Monthly consumer-price inflation moderated to 0.2% from 0.7% in June. Despite the headline improvement, core inflation accelerated for a fifth consecutive month to 4.2%, its highest level since July 2024, from 4.1% in June. The rand traded around 16.2 per dollar, supported by a subdued U.S. currency and higher gold prices. Nigeria and Ghana also recorded softer inflation in July, with Ghana reporting its first decline since March.