South Africa’s central bank held its borrowing rate at 8.25%, a 15-year peak, during its latest rate-setting meeting before the May elections. Despite efforts to curb inflation to the target midpoint of 3% to 6%, the inflation rate accelerated to 5.6% last month, driven by rising transport costs, utility bills, and insurance premiums. The central bank now anticipates inflation to align with the target midpoint by the fourth quarter of 2025, a delay from previous expectations.