South Africa recorded a decrease in its annual inflation rate for the second consecutive month, with consumer prices rising by 5.2% in April YoY, slightly down from 5.3% in March. Core inflation also declined to 4.6% from 4.9%. Despite this trend, it’s unlikely that the central bank will reduce the benchmark interest rate from its 15-year peak of 8.25% at its upcoming meeting, as the bank awaits inflation aligning closer to the midpoint of its 3% to 6% target range.