South Africas central bank cut rates for the first time in three years in December. The repo rate was lowered to 11.5% compared with an annual inflation rate of 12.4% in October. The central bank expects inflation to fall within the 3% to 6% target range by the third quarter of next year. Lower oil prices and consumer demand have helped tame inflation. However, lower gold and platinum prices have also hit South Africas exports.