South Africa's central bank lifted its main interest rate by a quarter percentage point to 7% on Thursday.
Officials cited mounting inflation dangers tied to surging oil costs and the ripple effects of overlapping economic shocks.
Reserve Bank Governor Lesetja Kganyago explained that hopes for a swift resolution to Middle East tensions have dimmed considerably since March.
"Oil prices have hovered near $100 per barrel," he told journalists at a briefing. "Global growth estimates have fallen while inflation projections have climbed."
According to him, crude price assumptions have been revised upward by the bank's economists. Food price pressures are also mounting, he noted.
Farmers face steeper bills for diesel and fertiliser, Kganyago added. Both inputs have become costlier across the region.
Inflation will average 4.4% this year in the bank's view, then ease to 3.7% next year. A return to the 3% target isn't expected until 2028.
Core inflation remains elevated and will peak early next year, he said. Second-round effects could spread into wages and expectations.
"Upside risks to inflation are evident in our forecasts," the governor noted. "The committee voted to raise rates by 25 basis points, taking effect May 29."
Four monetary policy panel members backed the increase. Two preferred holding the rate steady at 6.75%.
Growth faces downside risks, Kganyago acknowledged. Still, South Africa's recovery fundamentals remain sound, he argued.
Moody's recently assigned a positive outlook to the nation's sovereign credit rating. Such recognition reflects economic resilience in the face of global headwinds, he concluded.
