South African inflation rose by less than expected in May, which analysts said reduced the likelihood of another central bank interest rate hike next month. Headline consumer inflation quickened to 4.5% year on year from 4.0% in April. That was the highest reading since July 2024. Economists polled by Reuters had expected 4.7%.

Inflation to pull further away from Reserve Bank’s 3% target as fuel prices surge

Consumer prices rise 0.7% in May as housing and transport costs surge