South Africa Inflation Hits 4.5% in May, Below Market Expectations

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South Africa's headline consumer inflation rose to 4.5% year on year in May, up from 4.0% in April. The figure came in below the 4.7% that economists had predicted.

Data from the statistics agency showed month on month inflation stood at 0.7% in May, down from 1.1% in April.

The war between the United States and Israel against Iran pushed up global fuel and food prices. As a net fuel importer, South Africa felt the impact of rising energy costs.

The South African Reserve Bank targets inflation at 3%, with a tolerance band of one percentage point on either side. At its last meeting in May, the central bank raised its main lending rate for the first time in three years.

The next scheduled policy meeting is set for July 23.

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