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Financial News: South Africa Producer Price Inflation Highest Since Novemb

South Africa Producer Price Inflation Highest Since November 2018

05/27/2021 - 07:48:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation rose to the highest level in three-and-a-half years in April, figures from Statistics South Africa showed on Thursday.

The producer price index rose 6.7 percent year-on-year in April, following a 5.2 percent increase in March. Economists had expected inflation to rise to 6.8 percent.

The latest producer price inflation was the highest since November 2018, when prices rose 6.8 percent.

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

Producer prices for mining industry gained 10.8 percent annually in April and prices for electricity and water increased 5.9 percent.

Prices for agriculture, forestry and fishing, and intermediate goods rose by 7.1 percent and 11.4 percent, respectively.

On a monthly basis, producer prices rose 0.7 percent in April. Economists had expected a 0.8 percent rise.

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