Mbabane – Eswatini’s headline inflation rate climbed to 2.7% in May 2026, up from 2.0% recorded in April, driven primarily by rising housing and utility costs, according to the latest Consumer Price Index report released by the Central Statistical Office on 15 June 2026.
The CSO, which operates under the Ministry of Economic Planning and Development, said the May figure was nonetheless 0.5 percentage points lower than the 3.2% inflation rate recorded in the same month last year.
The month on month inflation rate, measuring price changes between April and May 2026, stood at 0.8%, a drop from the 1.2% recorded the previous month. 
Housing, water, electricity, gas and other utilities remained the biggest driver of annual price increases, recording a 6.6% year on year rise and contributing 1.9 percentage points to the overall inflation rate. Transport followed with a 4.0% annual increase and a contribution of 0.7 percentage points, while clothing and footwear added 0.3 percentage points after recording a 5.8% annual rise.
Annual inflation rates
Annual inflation rates series from May 2020 to May 2026
Goods inflation came in at 3.2% while services inflation was recorded at 1.9%.
Food and non-alcoholic beverages offered some relief to households, falling by 1.8% year on year compared to a 3.2% increase recorded in May 2025. The CSO attributed the decline to slower growth in coffee, tea and cocoa as well as sugar and confectionery products, with bread and cereals recording negative growth.
Alcohol beverages, tobacco and narcotics rose 4.5% year on year, easing from the 10.7% recorded in May 2025, with slower price growth in beer and wine cited as the main reason for the moderation.
Figure 2: Contributions to the annual percentage change
Breakdown of commodity group impacts on inflation
Health inflation slowed sharply to 0.2% from 4.6% in May 2025, reflecting zero growth in medical services and slower increases in pharmaceutical products.
On a month on month basis, restaurants and hotels recorded the sharpest jump, rising from 1.1% in April to 5.9% in May, driven largely by accommodation services. Transport also edged up from 2.4% to 2.5% month on month, with passenger air travel recording notable price increases.
The next CPI report is scheduled for release on 15 July 2026.
