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Financial News: South Africa Producer Price Inflation Moderates In Septemb

South Africa Producer Price Inflation Moderates In September

10/27/2022 - 08:25:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation moderated for the second straight month in September, Statistics South Africa reported Thursday.

Producer prices grew 16.3 percent on a yearly basis in September, following a 16.6 percent gain a month ago. The rate was forecast to slow more sharply to 15.7 percent. The main contributors to the headline inflation were coke, petroleum, chemical, rubber and plastic products, which grew 34.2 percent. The PPI of food products, beverages and tobacco products also provided upward pressure on overall rate, up 12.1 percent.

Data showed that intermediate manufactured goods prices surged 13.7 percent and mining prices climbed 30.1 percent. The PPI of agriculture, forestry and fishing grew 16.0 percent, Meanwhile, prices of electricity and water dropped 1.0 percent from the last year.

Month-on-month, producer prices gained 0.7 percent versus economists' forecast of 0.4 percent.

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