South Africa's consumer price index rose to 5.0% year-on-year in June, driven by surging energy costs linked to geopolitical tensions in the Middle East.
The reading sits at the upper bound of the Reserve Bank's target range, intensifying pressure on policymakers to act decisively.
5%. A further increase will add to the financial burden on consumers and businesses in an economy already grappling with sluggish growth.
Daily Maverick reports that the inflation spike is largely attributable to the impact of the Iran conflict on global oil markets, which has transmitted through to domestic fuel and transport prices.
The Reserve Bank of South Africa is now widely expected to raise its policy rate at this week's meeting.
The current policy rate stands at 7.0%, with the prime lending rate at 10.5%.
A further increase will add to the financial burden on consumers and businesses in an economy already grappling with sluggish growth.