South African Producer Price Inflation Hits 1-year High

(RTTNews) - South Africa's producer price inflation accelerated further in August to the highest level in one year, Statistics South Africa reported Thursday.

The producer price index rose 2.1 percent year-over-year in August, faster than the 1.5 percent gain a month ago. Further, this was the highest rate since August last year, when prices had risen 2.8 percent.

Prices for food products and textiles, clothing, and footwear alone grew 4.1 percent annually in each case, and those for metals, machinery, equipment, and computing equipment rose by 6.3 percent.

The annual price in mining accelerated to 8.5 percent from 7.5 percent. Prices for intermediate manufactured goods grew at a slightly faster rate of 6.5 percent versus a 6.4 percent rise a month ago.

Month-on-month, producer prices moved up 0.3 percent in August.