South Africa’s producer price inflation accelerated in May, figures from Statistics South Africa showed on Thursday.
The producer price index rose 7.4 percent year-on-year in May, following a 6.7 percent increase in March. Economists had expected inflation to rise to 7.3 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 May.
Producer prices for mining industry gained 21.7 percent annually in May and prices for electricity and water increased 8.9 percent.
Prices for agriculture, forestry and fishing, and intermediate goods rose by 9.4 percent and 15.2 percent, respectively.
On a monthly basis, producer prices rose 0.4 percent in May. Economists had expected a 0.3 percent rise.