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Financial News: South Africa Producer Prices Inflation At 12 Months

South Africa Producer Prices Inflation At 12 Months

03/25/2021 - 07:37:00 (RTTNews)

(RTTNews) - South Africa's producer price inflation rose to the highest level in twelve months in February, figures from Statistics South Africa showed on Thursday.

The producer price index rose 4.0 percent year-on-year in February, following a 3.5 percent increase in January. Economists had expected inflation to rise to 3.8 percent.

The latest producer price inflation was the highest since February last year, when prices rose 4.5 percent.

The main contribution for the increase in prices came from food products, beverages and tobacco products, metals, machinery, equipment and computing equipment, and transport equipment in February.

Producer prices for mining industry gained 11.5 percent annually in February and prices for electricity and water increased 9.2 percent.

Prices for agriculture, forestry and fishing, and intermediate goods rose by 10.0 percent and 9.9 percent, respectively.

On a monthly basis, producer prices rose 0.7 percent in February. Economists had expected a 0.5 percent rise.

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