Inflation was the lowest in 21 years in 2025, although it ticked up by 0.2% in December compared to November, ending the year on 3.6%. Statistics SA announced the inflation rate for December, the last for the calendar year, on Wednesday morning. The average inflation rate for 2025 was 3.2%, the lowest rate since 2004, when it was 1.4%.
The next most recent year that average inflation was lower than 3.2% was in 1969, 56 years ago, when it was 3.0%. This chart shows how inflation performed over the years: According to Statistics SA, food inflation was stable for food and non-alcoholic beverages at 4.4% in December, although it contained bad news for meat eaters. Meat inflation continued its upward trajectory, increasing to 12.6% in December from 12.2% in November.
In December 2024, the rate was -0.4%, showing how quickly meat inflation accelerated over the year. Beef inflation remains at high levels, with beef steak, for example, recording an annual price change of 28.4% in November and increasing to 29.4% in December. Other notable red meat products that registered higher rates include sausages (from 18.5% in November to 19.4% in December), boerewors (17.2% to 18.2%), mutton (13.7% to 15.0%) and pork (9.4% to 11.5%).
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Inflation for cereal products rose from 1.7% in November to 2.1% in December. Several key items experienced faster price increases, including brown bread (accelerating from 0.5% to 1.0%), white bread (1.3% to 1.7%) and spaghetti (1.7% to 3.1%). Inflation for maize meal declined for a second consecutive month, slowing to 9.5% in December from 9.9% in November.
The milk, other dairy products and eggs category remained in deflationary territory at -1.1%, mainly led by cheaper milk products. The annual rate for fresh full-cream milk, for example, declined further to -1.5% from -1.2% in November. Cheese continues to buck the trend.
Cheddar prices rose by 9.0% in the 12 months to December, higher than the 4.9% rise recorded in November. The annual rate for oil and fats slowed to 4.6%, with sunflower oil softening to 6.2% from November’s 6.6%. Olive oil is 8.0% cheaper than a year ago.
Prices for non-alcoholic beverages rose by 4.2% in the 12 months to December, higher than November’s rate of 3.7%. Inflation for cold beverages recorded a notable rise from 1.4% in November to 2.2% in December.
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