Financial News: South Africa Producer Price Inflation Slows To 12.7%

South Africa Producer Price Inflation Slows To 12.7%

02/23/2023 - 07:44:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation moderated further in January to the lowest level in ten months, though it remained strong overall, Statistics South Africa reported Thursday.

The producer price index logged a double-digit annual growt of 12.7 percent in January, slower than the 13.5 percent gain a month ago. That was almost in line with the 12.75 percent growth economists had expected.

Further, this was the lowest inflation rate since March 2022, when prices had risen 11.9 percent.

The main contributors to the overall inflation in January were coke, petroleum, chemical, rubber, and plastic products, which grew 19.6 percent over the year, though the pace of growth eased from 24.5 percent in December.

Prices for food, beverages, and tobacco products increased at a sharp rate of 10.1 percent.

Data showed that intermediate manufactured goods prices rose 5.6 percent and mining prices surged 19.9 percent. The price index for agriculture, forestry, and fishing grew 11.7 percent.

Prices of electricity and water grew at a stable annual rate of 9.8 percent at the start of the year.

Month-on-month, producer prices declined 0.6 percent versus an expected fall of 0.4 percent.

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