South Africa’s 10-year government bond yield moved higher to around 8.85%, the highest in over a month, joining a global selloff driven by growing inflation concerns linked to the prolonged Middle East conflict. Rising oil prices amid escalating hostilities between the US and Iran reinforced inflation expectations, which increased the prospect of interest rate hikes by major central banks. In South Africa, inflationary pressures are building again, with further fuel price adjustments due to take effect this month. Higher fuel costs are expected to raise transport and other prices, potentially feeding through to the broader economy and complicating the inflation outlook.