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Jul ’25 posted an annual inflation rate of 3.5%, down from 3.7% in the previous month and 4.6% twelve months ago. Of the six heaviest baskets, only Transport saw an acceleration, which was due to a base effect as the basket was flat on a monthly basis. Jul ’25 marked the quarterly price capturing of rent, and the bi-annual price capturing of financial services. Rent saw monthly inflation of 0.5%, although its annual inflation decelerated from 4.6% in Jun ‘25 to 4.0% in Jul ‘25. Financial services deflated by 0.9% m/m (likely supported by FNB’s removal of swipe fees), bringing its annual inflation figure to 3.8% from 4.8% in the previous month.