The slowdown from 6.8% in April was greater than forecast. Analysts polled by Reuters expected a reading of 6.5%.
The latest figure takes inflation closer to the central bank's 3% to 6% target range, where it was last seen in April 2022. The South African Reserve Bank has raised interest rates 10 times consecutively to try to bring inflation back to target. Its next policy meeting is in July.Core inflation, which excludes prices of food, nonalcoholic beverages, fuel and energy, was at 5.2% year on year in May, from 5.3% the previous month.
Capital Economics economist Jason Tuvey said Wednesday's data reinforced the view that the Bank's tightening cycle was over and that interest rates would be kept at 8.25% next month. Casey Delport, investment analyst at Anchor Capital, said inflation was beginning to show signs of abating, but risks remained linked to the country's power crisis.
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