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Financial News: South Africa PPI Inflation Accelerates More Than Expected

South Africa PPI Inflation Accelerates More Than Expected

05/26/2022 - 10:05:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation accelerated further in April, figures from Statistics South Africa showed on Thursday.

Producer prices surged 13.1 percent year-on-year in April, faster than March's 11.9 percent increase. Economists had expected inflation to rise to 12.3 percent.

The main contribution for the annual increase came from coke, petroleum, chemical, rubber and plastic products, food products, beverages and tobacco products, and metals, machinery, equipment and computing equipment.

Producer prices for agriculture, forestry and fishing and intermediate goods grew by 17.8 percent and 17.6 percent, respectively.

Prices for mining registered an increase of 10.9 percent and those for electricity and water rose 12.8 percent.

On a monthly basis, producer prices climbed 1.8 percent in April. The expected increase was 1.1 percent.

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