South Africa's consumer price index rose 5.0% year-on-year in June, reaching its highest level in two years. The increase accelerated from 4.5% in May and exceeded the 4.7% rise forecast by economists polled by Reuters. Expectations are growing that the South African Reserve Bank will raise interest rates for the second consecutive meeting on the 23rd. Fuel prices surged due to the Iran conflict, making the transport sector the biggest driver of the increase. Core inflation, which excludes food and energy, also came in at 4.1%, above the forecast of 3.9%.