South African inflation slows to 3.5 percent in January as rate cut hopes grow

South Africa's headline consumer inflation slowed to 3.5% year on year in January, down from 3.6% in December, according to data released by Statistics South Africa on February 18, 2026. The latest reading for ZA ZA keeps headline inflation within the central bank's 1-percentage-point tolerance band around its 3% target. This slowdown arrives ahead of the central bank's March 26 rate-setting meeting and is expected to inform deliberations regarding possible policy rate cuts.