Financial News: South Africa Producer Price Inflation Hits 5-Month High

South Africa Producer Price Inflation Hits 5-Month High

10/26/2023 - 10:02:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation accelerated more-than-expected in September to the highest level in five months, Statistics South Africa reported Thursday.

The producer price index showed an annual increase of 5.1 percent, faster than the 4.3 percent rise in August. The expected increase was 4.7 percent.

Further, this was the highest rate since May, when prices had risen 7.3 percent.

The overall annual inflation in September was largely driven by food products, beverages and tobacco products, metals, machinery, computing equipment, paper and printed products, and transport equipment.

The producer price index for electricity and water alone grew by 16.4 percent from last year, and that for agriculture, forestry, and fishing rose by 8.3 percent. At the same time, prices for mining dropped 4.8 percent.

On a monthly basis, producer prices moved up 1.5 percent in September, slightly above the expected rate of 1.1 percent.

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