South African inflation expectations stabilised in the third quarter after rising sharply in the previous quarter following an oil-price shock triggered by the Iran war. A central-bank-commissioned survey of analysts, business people and trade union officials put headline consumer inflation at 4.4% for 2026, unchanged from the second-quarter survey. Forecasts for 2027 and 2028 fell to 4.0% and 3.8%, respectively, from 4.2% and 3.9%. The South African Reserve Bank targets inflation at 3%, with a tolerance band of one percentage point on either side, and says interest-rate changes affect the economy with a lag of about 12 to 24 months. Inflation was 4.3% year on year in July. The bank left its main lending rate unchanged in July after raising it in May for the first time in three years, with its next rate announcement scheduled for September 23.