Fuel prices are 30% higher than a year ago. Due in part to oil boycotts against major producer Russia, following its invasion of Ukraine, oil prices have jumped to above $110 a barrel, from an average of around $70 last year.
This added pressure to the Reserve Bank. If South African interest rates stay too low for too long, this will hit the rand. Traders will move to currencies that earn higher interest. A weaker rand adds to inflationary pressures, as South Africa depends on oil imports.