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Financial News: South Africa PPI Inflation Accelerates More Than Forecast

South Africa PPI Inflation Accelerates More Than Forecast

08/25/2022 - 07:55:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation accelerated more-than-expected in July, figures from Statistics South Africa showed on Thursday.

Producer prices surged 18.0 percent year-on-year in July, faster than June's 16.2 percent increase. Economists had expected inflation to rise to 17.6 percent.

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

Producer prices for agriculture, forestry and fishing and intermediate goods grew by 15.0 percent and 14.7 percent, respectively.

Prices for mining registered a sharp increase of 21.2 percent and those for electricity and water rose 8.0 percent.

On a monthly basis, producer prices climbed 2.2 percent in July versus an expected increase of 2.0 percent.

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