South Africa's inflation rose to 4.5% in May, reaching a new high since July 2024

⑴ South Africa's annual inflation rate in May 2026 rose for the third consecutive month to 4.5%, marking the highest level since July 2024, but below the expected 4.7%. The main upward pressures came from transportation prices (4.9% in April, 9.4% in May) as well as housing and utilities (5.2% in April, 5.3% in May).⑵ The core inflation rate, excluding food, non-alcoholic beverages, fuel, and energy prices, increased from 3.6% in April to 3.8% in May, reaching a 1.5-year high. Month-on-month, the consumer price index rose by 0.7% in May, lower than the 1.1% increase in the previous month.