South Africa’s producer price index (PPI) registered growth of 6.9% year-on-year in May from 6.6% year-on-year in April, Statistics South Africa (Stats SA) data on Thursday showed.
The PPI lifted 0.4% on a monthly basis from 0.9% in April.
Forecasts among eight leading economists surveyed ranged from 7.0% year-on-year to 7.6% year-on-year. Consensus expectation was for a 7.1% rise.
Exports were at +4.9% year on year in May from +7.1% in April, while imports were at +8.9% year-on-year from +9.0% year-on-year.
The higher annual rate in May 2011 was driven by increases in the annual rate of change in electricity, where the rate increased from +25.7% in April 2011 to +26.1% in May.
Products of petroleum and coal increased from +18.6% in April 2011 to +20.8% in May, agriculture from +2.1% to +6.8% and food at manufacturing +3.4% to +4.8%.
These increases were partially counteracted by decreases for mining and quarrying from +4.6% in April 2011 to +4.1% in May 2011, basic metals from +9.8% to +7.7%, chemicals and chemical products from +6.2% to +5.9% and tobacco products from +12.4% to +5.9%. — I-Net Bridge