The South African Reserve Bank’s monetary policy committee has hiked the repo rate by another 25 basis points to 4%. This brings the prime rate to 7.5%. News24 reports that on Thursday, the Reserve Bank hiked its forecast of headline inflation for the year, from 4.3% to 4.9% – and Reserve Bank Governor Lesetja Kganyago warned that risks to the inflation outlook are to the upside due in part to high oil prices.