**South African Reserve Bank policymakers face persistent upside risks to inflation amid weak domestic growth as they approach the November Monetary Policy Committee meeting.** The September unanimous 25 basis point hike to 7.25% responded to August headline CPI at 4.4% and fuel-driven pressures expected to push inflation above 5% later this year before easing toward the 3% target by late 2027. Q2 GDP contracted 0.2%, with the 2026 growth forecast revised down to 1.2%, yet the central bank emphasized data dependence and second-round effects from geopolitical energy shocks. Market-implied odds favor no change at the final 2026 meeting, reflecting the recent tightening and baseline projections for stable policy, though October CPI prints and inflation expectations surveys could shift the balance toward further adjustment if pressures broaden.