South Africa's central bank said on Tuesday that the Iran war presented material upside risks to the country's inflation trajectory, with markets pricing in two interest rate hikes this year, but that it still expected inflation to remain within the tolerance band of one percentage point above the 3% inflation target. • The South African Reserve Bank said that it expects headline inflation to be higher in the near term and average 3.7% this year before easing back to target by late 2027.