South Africa’s producer price inflation rose in October, figures from Statistics South Africa showed on Thursday.
The producer price index rose 8.1 percent year-on-year in October, after a 7.8 percent increase in September. Economists had expected inflation to rise 8.0 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 October.
Producer prices for mining industry gained 4.8 percent annually in October and prices for electricity and water increased 14.4 percent.
Prices for agriculture, forestry and fishing, and intermediate goods rose by 8.6 percent and 20.4 percent, respectively.
On a monthly basis, producer prices rose 0.7 percent in October. This was in line with economists’ expectation.
The material has been provided by InstaForex Company – www.instaforex.com