# When is the next inflation announcement in South Africa? What Wednesday’s CPI print means for your bond - Canonical URL: https://bond.co.za/news/when-is-the-next-inflation-announcement-south-africa - Author: Neil B - Published: 2026-10-19 - Last updated: 2026-10-19 Market newsInterest rates Stats SA publishes the September consumer price index this Wednesday, 21 October 2026. With CPI at 4.4% in August — well above the SARB's 3% anchor — and the MPC deciding on 19 November 2026, the print is the last major inflation data before the next rate decision. Here is what it means for your bond. By [Neil B](https://bond.co.za/expert) · Checked against published primary sources · Published 2026-10-19 · Last verified 2026-10-19 CPIinflationStats SArepo rate ![Illustration of a large calendar card showing 21 October, CPI day, linked by a rising line to a small house, with a columned central bank building alongside, in a plain green and cream palette](https://bond.co.za/images/news/when-is-the-next-inflation-announcement-south-africa.svg) ## Key takeaways - 01The next inflation announcement in South Africa is on Wednesday 21 October 2026, when Stats SA publishes the September consumer price index — the last major inflation release before the SARB’s 19 November 2026 decision. - 02Inflation is still above target: headline CPI was 4.4% in August 2026 (4.3% in July, core 4.1%), against the 3% point the SARB anchors policy on — a target announced by the finance minister on 12 November 2025. - 03The SARB has already responded to 2026’s inflation pressure with two hikes: repo stands at 7.25% and prime at 10.75%. A September print at or above 4.4% strengthens the case for another hike; a decisive cooling weakens it. - 04Budget scenario: one more 25 basis point hike would take prime to 11.00% and add R 170 a month to a R1 million, 20-year bond at prime, by bond.co.za’s computation. - 05The Bank’s own projections — not a bond.co.za forecast — see inflation averaging 4.4% in 2026 and returning to the 3% point only in 2028. **The next inflation announcement lands this Wednesday, 21 October 2026 — about a month after CPI hit 4.4% in August, and the last major print before the SARB's 19 November 2026 decision with repo already at 7.25%. Here is the date, the data, and what it could mean for your bond repayment.** ## When is the next inflation announcement in South Africa? Wednesday 21 October 2026. That is when Statistics South Africa publishes the September consumer price index (CPI), the country's next inflation announcement, alongside the month's retail sales data. It is the last major inflation release before the SARB's Monetary Policy Committee decides on rates on 19 November 2026, and it follows August's 4.4% headline print. ## What did the last inflation print show? Headline CPI was 4.4% in August 2026 — up from 4.3% in July, with core inflation at 4.1% — all above the 3% point the SARB anchors policy on. The 2026 path explains the Bank's caution: consumer inflation bottomed at 3.0% in February, peaked at 5.0% in June, and has held above the target point since. ## What could the September CPI mean for the November rate decision? Probably no move on the day itself — the MPC decides on 19 November 2026, and one CPI print is only part of what it weighs. But the September release is the last major data the committee reads before that meeting, so it tilts the scales. The SARB's September statement cited fuel prices rising again, elevated services inflation and second-round effects when it hiked 25 basis points to repo 7.25%, and flagged that inflation could run above 5% later in 2026 and into early 2027. A September print at or above 4.4% strengthens the case for another hike; a decisive cooling weakens it. We cost both directions in our [19 November preview](https://bond.co.za/news/will-repo-rate-go-up-november-2026) — we do not forecast the outcome. ## How much more could your bond cost if the SARB hikes again? Each 25 basis point hike passes straight into prime, which prices variable-rate home loans. At today's prime of 10.75%, a R1 million bond over 20 years costs R 10 152 a month by bond.co.za's computation. One more hike, to prime 11.00%, would lift it to R 10 322 — R 170 more every month: | Bond | At prime 10.75% | After one more hike (11.00%) | Monthly increase | | --- | --- | --- | --- | | R 500 000 | R 5 076 | R 5 161 | +R 85 | | R 1 000 000 | R 10 152 | R 10 322 | +R 170 | | R 1 500 000 | R 15 228 | R 15 483 | +R 254 | These are budgeting scenarios, not forecasts — the same maths behind our [rate-change repayment table](https://bond.co.za/news/what-a-rate-change-does-to-your-bond-repayment), where the full stress-test lives. To run your own numbers, try the [bond calculator](https://bond.co.za/bond-calculator) or check what you can borrow with the [affordability calculator](https://bond.co.za/home-loan-affordability-calculator). ## What is South Africa's inflation target? South Africa's inflation target is 3%, with a tolerance band of one percentage point on either side. Finance Minister Enoch Godongwana announced the 3% point on 12 November 2025 — replacing the old 3–6% band — with implementation over two years. The SARB anchors monetary policy on that point, which is why 4.4% inflation still counts as too high and why rate decisions keep leaning against price pressure. The full chain from CPI to your instalment is in our [inflation and home loan rates explainer](https://bond.co.za/news/inflation-home-loan-interest-rates). Rate figures from the South African Reserve Bank via lib/rates.ts, re-verified 2026-09-23. CPI release date, August print (4.4%; July 4.3%, core 4.1%) and the 2026 CPI path (3.0% February low, 5.0% June peak) from Stats SA data as reported by Rio Times (17 Oct 2026) and Trading Economics (checked 2026-10-19). Inflation target from the announcement of 12 November 2025 (EWN). Inflation projections from the SARB May 2026 Monetary Policy Statement and September 2026 Monetary Policy Statement. Repayment scenarios computed by bond.co.za (20-year term, prime-linked, standard annuity) — illustrative only. Last verified: 2026-10-19. Free report ## Could your budget carry another rate hike? One field — your target purchase price — and you get an affordability range and realistic rate band, with a ready-to-send email request for the full report. Estimates, not promised rates or approvals. ### Free Bond Readiness Report One field — your target purchase price — and you get an affordability range and realistic rate band, with a ready-to-send email request for the full report. Estimates, not promised rates or approvals. Free to use. bond.co.za is an independent educational resource — we do not provide credit, origination, legal or conveyancing services. [About our independence](https://bond.co.za/how-we-make-money). ## Frequently asked questions What is the date for the next inflation figure?+ Wednesday 21 October 2026. Statistics South Africa publishes the September 2026 consumer price index that day, alongside the month’s retail sales data. It is the last major inflation release before the SARB’s 19 November 2026 rate decision. What is South Africa’s inflation target?+ 3%, with a one percentage point tolerance band on either side. Finance Minister Enoch Godongwana announced the 3% point on 12 November 2025, replacing the old 3–6% band, with the change implemented over two years. The SARB anchors rate decisions on that point — which is why August’s 4.4% still counts as too high. What is the inflation prediction for 2026?+ The SARB’s own projections see inflation averaging 4.4% in 2026 and returning to the 3% point only in 2028, while its September statement flagged that inflation could run above 5% later in 2026 and into early 2027. These are the Bank’s projections, not guarantees — bond.co.za does not publish its own inflation forecast. ## Sources - [Rio Times — South Africa inflation data due 21 October 2026 (17 Oct 2026)](https://riotimesonline.com/south-africa-inflation-data-21-october-2026/)Source for the Wednesday 21 October 2026 release date (with retail sales the same day), August CPI of 4.4% (July 4.3%, core 4.1%), and the September Monetary Policy Statement’s view that inflation could run above 5% later in 2026 and early 2027. - [SARB — Statement of the Monetary Policy Committee, September 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/2026/september)Primary source for the rates in force today: the policy rate raised 25 basis points to 7.25%, prime to 10.75%, effective 25 September 2026, on a unanimous vote — decided with headline inflation at 4.4%, fuel prices rising again and services inflation elevated. - [SARB — Statement of the Monetary Policy Committee, May 2026](https://www.resbank.co.za/en/home/publications/publication-detail-pages/statements/monetary-policy-statements/2026/may)Source for the Bank’s inflation projections: 4.4% average in 2026, 3.7% in 2027, and a return to the 3% point only in 2028. - [EWN — Godongwana announces lowered inflation target (12 Nov 2025)](https://www.ewn.co.za/2025/11/12/godongwana-announces-lowered-inflation-target-it-will-benefit-all-south-africans-especially-poorer-households)Source for South Africa’s 3% inflation point with a one percentage point tolerance band, announced on 12 November 2025 and implemented over two years. - [SARB — MPC announcement webcasts (MPC calendar)](https://www.resbank.co.za/en/home/what-we-do/monetary-policy/MPC-announcement-webcasts)Source for the 19 November 2026 announcement date (retrieved 2026-09-23). - [Trading Economics — South Africa Inflation Rate (Stats SA CPI series)](https://tradingeconomics.com/south-africa/inflation-cpi)Source for the shape of the 2026 CPI path: a 3.0% February low and a 5.0% June peak (Stats SA data; checked 19 October 2026). ## More market news [ When is the next interest rate decision in South Africa?The MPC calendar date, the announcement time, and what each outcome would cost. ](https://bond.co.za/news/when-is-the-next-interest-rate-decision-south-africa)[ Will the repo rate go up in November 2026?The full preview of the 19 November decision — what the 2026 record says. ](https://bond.co.za/news/will-repo-rate-go-up-november-2026)[ What inflation means for your home loan interest rateHow CPI moves the repo rate, prime and your bond repayment. ](https://bond.co.za/news/inflation-home-loan-interest-rates)[ What a rate change does to your bond repaymentThe per-bond-size table for a 25bp move, and how to stress-test your own bond. ](https://bond.co.za/news/what-a-rate-change-does-to-your-bond-repayment) ## Informational disclaimer This article is for information purposes only and does not constitute financial advice, a prediction of the SARB's decision, or a guarantee of any interest rate or bond approval. The repayment table is a budgeting scenario computed by bond.co.za, not a quote. CPI figures, release dates and inflation projections reflect the sources and dates cited above and change over time. bond.co.za is an independent educational resource and does not provide credit or origination services. > This is the Markdown version of [https://bond.co.za/news/when-is-the-next-inflation-announcement-south-africa](https://bond.co.za/news/when-is-the-next-inflation-announcement-south-africa); that HTML page is the canonical version of this content.