South Africa's annual consumer inflation rate fell to 4.3% in July, down from a two-year high of 5% in June and below the 4.5% forecast by economists, according to Statistics South Africa (the country's national statistical agency). The decline was driven by lower fuel prices, softer food costs — particularly cereals and meat — and smaller municipal tariff increases for electricity, water, and refuse removal. The easing strengthens the case for the South African Reserve Bank to hold interest rates steady, though inflation remains above the bank's 3% target.