South Africa’s annual inflation rate fell to a 13-month low of 6.3% in May 2023, below market predictions of 6.5%, primarily due to decelerating food and transportation costs. This rate is closer to the upper limit of the central bank’s target range of 3%-6%. Meanwhile, core inflation eased to 5.2% in May, down from a six-year high of 5.3% in April. Monthly consumer prices rose by only 0.2% in May, the lowest increase in four months and below the anticipated 0.4% hike.