Economists expect the unbearable pressure on households to increase.

South Africa's inflation battle has entered a more dangerous phase, with the South African Reserve Bank (Sarb) making it clear that it will not budge from its 3% target - even as a fresh global oil shock threatens to push prices higher and squeeze already strained households.

"We have learned our lesson from the previous shock of 2002 where the target was lowered, and when the shock came, we decided to go back to the old target. It was a costly macroeconomic lesson," said Sarb governor Lesetja Kganyago.

"This time round, the inflation target is 3% and it remains 3%. We have experienced this shock and we have got to remain focused on realising our 3% objective. Doing so will make us more resilient against difficult global conditions and stand us in good stead."

This resolve comes as the Sarb's latest Monetary Policy Review warns that "the escalating conflict in the Middle East and rising oil prices have renewed upward pressure on global inflation" and raised the risk of a reversal of disinflation.

The bank notes that whereas inflation had eased to its 3% target in February, it is now expected to rise in the near term as the oil...