The central bank said it expected inflation to average at 6.2% this year, up 0.2 percentage points on earlier forecasts.
"With core goods and food higher in the near term, headline inflation for 2023 is revised up," Kganyago said in a statement. "Headline inflation for 2024 also increases to 5.1 percent."
IMoreover, in its regular statement, South Africa's central bank said its raised its main interest rate as it also revised up its inflation forecasts.
The bank raised its benchmark rate by 0.5 percentage points to 8.25%, in what it said was a unanimous decision of its monetary policy committee.
It was the 10th consecutive hike by the South African Reserve Bank.
Governor Lesetja Kganyago said the policy aimed at increasing confidence that inflation could be reined in "sustainably over time".
Yet, food prices remain obstinately high, having experienced record increases over the past 12 months.