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Financial News: South Africa Producer Price Inflation Increases In August

South Africa Producer Price Inflation Increases In August

09/30/2021 - 07:48:00 (RTTNews)

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

The producer price index rose 7.2 percent year-on-year in August, after a 7.1 percent increase in July. Economists had expected inflation to remain unchanged at 7.1 percent.

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

Producer prices for mining industry gained 11.0 percent annually in August and prices for electricity and water increased 17.5 percent.

Prices for agriculture, forestry and fishing, and intermediate goods rose by 8.6 percent and 17.7 percent, respectively.

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

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