South Africa’s annual inflation rate fell to 4.3% in July, marking its first slowdown in five months and coming in below economists’ 4.5% forecast. Statistics South Africa attributed the decline to softer food inflation, lower municipal tariff increases, and falling fuel prices. Food and non-alcoholic beverage inflation dropped to 0.9%, its lowest level in more than 16 years, helped by lower prices for cereals and meat. Petrol prices fell 7.1% between June and July, while diesel prices declined 11.7%, pulling annual fuel inflation down to 20.6% from 34.3% the previous month. Still, inflation remains above the central bank’s 3% target, and analysts warn renewed US-Iran hostilities could push global oil prices—and South African fuel costs—back up.