MBABANE – The annual rate of inflation slowed to 2.1 percent in January 2026, down from 2.3 percent recorded in December 2025, according to the latest Consumer Price Index report released on February 16, 2026 by the Central Statistical Office under the Ministry of Economic Planning and Development.
The figure is also markedly lower than the 4.1 percent registered in January 2025, reflecting a steady easing of price pressures across several sectors of the economy.
The report shows that inflation for goods stood at 2.2 percent, while services recorded 2.0 percent in the same period. On a month on month basis, prices rose by 0.3 percent in January compared to December, when there had been no change.
Year on year comparisons reveal notable declines in several categories. Health dropped sharply from 7.9 percent in January last year to 0.5 percent this year, largely due to zero growth in medical services. Alcoholic beverages, tobacco and narcotics slowed from 11.2 percent to 5.0 percent, with weaker increases recorded for beer and wine. Restaurants and hotels also cooled from 6.9 percent to 2.1 percent, reflecting falling restaurant and café prices and slower growth in accommodation services.
However, some sectors experienced increases between December and January. Education rose from 0.0 percent to 2.6 percent, driven mainly by higher fees in primary and secondary schools at the start of the academic year. Miscellaneous goods and services climbed to 1.6 percent from 0.0 percent, influenced by insurance and related services. Restaurants and hotels declined on a monthly basis from 0.8 percent to negative 0.5 percent, largely due to lower accommodation charges.
Housing, water, electricity, gas and other fuels made the largest contribution to the 2.1 percent headline rate at 1.1 percentage points. Clothing and footwear, together with alcoholic beverages, tobacco and narcotics, each contributed 0.3 percentage points.
Food and non alcoholic beverages recorded annual inflation of 0.7 percent. Within this group, fruit prices surged by 11.2 percent year on year, while fish and seafood rose by 7.3 percent. Coffee, tea and cocoa increased by 7.6 percent. Bread and cereals declined by 1.3 percent over the same period.
Transport inflation stood at 0.6 percent annually. Passenger transport by air rose by 16.1 percent compared to January 2025, while motor car prices fell by 0.7 percent. Communication registered negative 0.3 percent, reflecting marginal decreases in telephone and telefax services.
Education posted an annual increase of 2.7 percent, with pre primary and primary education up by 6.2 percent and secondary education by 3.1 percent. Tertiary education remained largely unchanged.
The statistical office noted that June 2020 remains the index reference period, set at 100. The CPI weights are derived from the 2016 to 2017 Household Income and Expenditure Survey and prices are collected during the first three weeks of each month from outlets across the four regions of the kingdom.
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