The South African Reserve Bank raised its key repo rate by 25 basis points to 7.25% on September 23, as widely expected, citing the need to bring inflation back toward its target. Consumer price inflation edged up to 4.4% in August from 4.3% in July, remaining close to the midpoint of the Reserve Bank’s 3%–6% target range. The central bank also raised its near-term inflation forecasts, citing higher fuel prices and their impact on headline inflation.