Consumer price inflation eased to 3.2% in November, down from 3.3% reported on October, data from Stats SA shows.
Inflation remained unchanged on a month-on-month basis.
The main contributors to the 3.2% annual rate was food and alcoholic beverages, housing and utilities and miscellaneous goods and services.
The annual inflation rate for goods was 2.6% and that of services was 3.7%.
Ahead of the data release, FNB economists noted that November is a low survey month - with food likely to add to price pressure. FNB had expected inflation to stabilise around 3.3%.
Investec meanwhile expected inflation to tick up to 3.4%.