This is the lowest reading since April 2022, when the rate was 5.9%, and reflects a month-on-month decline of 0.2%, and came in lower than expectations from economists, who forecast 6.4% to 6.7%.

However, the inflation rate remains outside the South African Reserve Bank’s target range of 3% to 6%.

The Reserve Bank has been raising the repo rate to stop rising inflation, and this figure is now moving closer to the target range of between three and six percent.

With most foods and non-alcoholic beverages categories recording a lower annual inflation for May, Stats SA said the latest inflation figure was also impacted by lower fuel prices.

Furthemore Stats SA reiterated that household spending is up, showing people have more money to use with many rekindling a liking for restaurants and hotels.

Annual meat inflation slowed to 7.1% from 9.5% in April as on average, meat prices declined by 0.4% between April and May, with notable monthly decreases recorded for stewing beef (down 2.4%), pork (down 1.4%) and beef mince (down 1.3%).

In the 12 months to May, the average price of a 2.5 kg bag of white sugar increased from R49.68 to R53.00 and the average price of a slab of chocolate (80 grams) rose from R17.11 to R20.26 over the same period.

Prices of cold beverages were 10.5% higher in May from a year before – the highest rate since 2019.

Statistics SA also reported that restaurant prices increased by a sizeable 1.2% between April and May – taking the annual rate for restaurants to 7.4%.

While petrol prices were hiked in May, fuel prices were only 3.5% higher than a year before - from 5.0% in April however, vehicle prices increased to 7.5%, the highest increase since 2017.