South Africa’s producer price inflation eased in July, figures from Statistics South Africa showed on Thursday.
The producer price index rose 7.1 percent year-on-year in June, after a 7.7 percent increase in June. Economists had expected inflation to rise to 7.0 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 July.
Producer prices for mining industry gained 15.3 percent annually in July and prices for electricity and water increased 13.9 percent.
Prices for agriculture, forestry and fishing, and intermediate goods rose by 11.3 percent and 17.6 percent, respectively.
On a monthly basis, producer prices rose 0.7 percent in July. Economists had expected a 0.6 percent rise.