The recent moderation in inflation to 4.3% from 5% is unlikely to provide lasting relief if energy prices remained elevated.
South African motorists are facing renewed fuel-price pressure as Brent crude climbs above $93 a barrel, threatening to undo the inflation relief that households received only weeks ago.
Brent crude was trading at $93.24 a barrel, according to the latest Trading Economics data, after rising sharply in recent weeks amid continued uncertainty around the reopening of the Strait of Hormuz.
For South African consumers, the higher oil price matters because the country imports most of its crude oil, making local fuel prices sensitive to movements in international prices as well as the rand.
Andre Cilliers, currency strategist at TreasuryONE, said the rand was trading at about R16.06 to the dollar, supported by a softer US dollar and firmer emerging-market and commodity currencies.
