South Africa’s producer price index (PPI) rose by 10% year-on-year (y/y) in November from a 10% year-on-year (y/y) increase in October, Statistics South Africa (Stats SA) said on Thursday. The PPI increased 0,5% on a monthly basis after October’s monthly increase of 1%.
Stats SA attributed the annual rate in November compared with October to annual increases in the price indices for electrical machinery and apparatus (+28,9% compared to +25,2%), basic metals (+23,7% compared to +19,7%), products of petroleum and coal (+7% compared to +5,5%), other manufacturers (+5,6% compared to 4%), and medical, precision and optical instruments (+3,9% compared to 3,3%).
These increases were partially counteracted by decreases in the annual rates of change for mining and quarrying products (+23,8% at November compared to +25,7% at October), agricultural products (+16,1% compared to 20%), and electricity (+6,5% compared to +7,2%).
The annual increase of 10% in the PPI for all commodities for South African consumption was due to annual increases in the price indices for locally produced commodities (+7,2 percentage points) and for imported commodities (+2,8 percentage points), Stats SA noted.
The annual rate of increase in the PPI for locally produced commodities for consumption in South Africa was recorded at 9,7% in November – 0,2 of a percentage point lower than the corresponding rate in October.
PPI for imported commodities was reported at 11,3% from 10,4% in October. – I-Net Bridge