South Africa Producer Price Inflation At 8-Month High
South Africa’s producer price inflation rose to the highest level in eight months in November, figures from Statistics South Africa showed on Tuesday.
The producer price index rose 3.0 percent year-on-year in November, following a 2.5 percent increase in September. Economists had expected inflation to rise to 2.8 percent.
Producer prices rose at the fastest pace since March, when it was 3.3 percent.
The main contribution for the increase in prices came from food products, beverages and tobacco products, and transport equipment in November.
Producer prices for mining industry gained 24.5 percent annually in November and prices for electricity and water increased 7.7 percent.
Prices for agriculture, forestry and fishing, and intermediate goods rose by 12.0 percent and 4.1 percent, respectively.
On a monthly basis, producer prices remained unchanged in November. Economists had expected a 0.3 percent rise.