As expected, Statistics South Africa (Stats SA) announced on Wednesday morning that the consumer price inflation print for April went up considerably, driven mainly by some of the highest fuel price increases in years.
“Annual consumer price inflation was 4.0% in April 2026, up from 3.1% in March 2026. The CPI increased by 1.1% month-on-month in April 2026.”
In last month’s statistical release, it was noted that the fuel price pressures from the US-Iran war and supply chain disruptions that this brought to the Strait of Hormuz would be filtered in only during the course of the following month.
In its latest statistical release, Stats SA said the main contributors to the 4.0% annual inflation rate were housing and utilities at 5.2% and contributing 1.2 percentage points, transport at 4.9% and contributing 0.7 of a percentage point, and insurance and financial services at 5.7%, contributing 0.6 of a percentage point.
“In April 2026, the annual inflation rate for goods was 3.4%, up from 1.8% in March 2026, and services were at 4.6%, up from 4.2% in March 2026.
Patrick Kelly, Stats SA head of price statistics, said this jump in the CPI print was the highest inflation print since August 2024, when the headline inflation print was 4.4%.
“The index for fuel rose by 18.2% from March, the steepest monthly increase since the current CPI series began in 2008. Petrol prices were up by 15.2% and diesel by 35.4%. The price for inland 93 octane petrol rose to R23.25 a litre in April, the fifth-largest increase for this grade in 50 years and the largest this century.”
This data is bound to put pressure on the government to consider further extending fuel price relief beyond July, as the National Treasury returns to the Western Cape High Court, and its lawyers argue on the powers the department has on determining the fuel levy.
In March, the Reserve Bank kept the repo rate on hold at 6.75%, after the CPI print for February was at 3%, down from 3.5% in January. The bank’s next monetary policy committee meeting and repo rate announcement will be next week.
Business Times
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