Inflation was lower than expected last month but chances that the interest rate will be cut this year remain slim.
The Consumer Price Index was up 5.4% on a year ago, compared with 5.7% in December, according to Statistics SA yesterday.
Food prices were the biggest contributor to the rise.
Though the CPI increase was lower than economists' expectation of 5.7%, it is close to the upper end of the Reserve Bank's target range of 3% to 6%.
Nedbank economists expect consumer inflation to rise to above 6% because of petrol price increases
"[Though] the January number is relatively positive, there is little chance of further relaxation in monetary policy this year."
Standard Bank's economists also believe the Reserve Bank will keep the interest rate unchanged.
They believe that the weaker rand and the fuel price increase will probably push inflation up to 7% by the middle of the year.