Number Of The Day | 3.1% | 22 April 2026
3.1%. That is South Africa’s inflation rate for March, and on paper it looks fairly calm.
In this episode of Number of the Day, Gareth Edwards and Francis Herd take that number apart and ask the more important question: calm for how long? March inflation edged up only slightly from February, but the conversation makes clear that the real story may still be on its way. Fuel prices jumped in April. Electricity pressure is building. And once those costs start spreading through transport, freight and shop prices, the squeeze could look very different.
The episode moves beyond economist language and into everyday South African life. It looks at why housing and utilities remain such a stubborn burden, why lower food inflation is one piece of good news, and why the Reserve Bank will be watching closely for second-round effects that could place even more strain on consumers. 3.1% may be acceptable for now. The bigger question is what the next inflation prints are going to say, and what that will mean for your wallet. That forward-looking tension is baked into the transcript from start to finish.
Catch up on all Number of the Day episodes here: https://www.enca.com/number-day-podcast
