South Africa inflation hits near 2-year high

South Africa's inflation rate rose to its highest level in almost two years in May, driven by higher energy prices linked to the US-Israeli war with Iran. Consumer prices increased 4.5% from a year earlier, up from 4% in April, though below the 4.7% median estimate in a Bloomberg survey. Core inflation, which excludes volatile items, rose to 3.8% from 3.6% in April. The South African Reserve Bank is now under pressure to respond to the rising price pressures.