South Africa Producer Price Inflation Lowest In 3 Months

(RTTNews) - South Africa's producer price inflation slowed more than expected to its weakest rate in three months during November, preliminary data from Statistics South Africa showed Thursday.

The total producer price index for manufactured goods rose 4.6 percent year-on-year following a 5.8 percent increase in October. Economists had forecast a gain of 5.5 percent. The latest rate was the lowest since August, when pipeline inflation was 4.3 percent. Producer prices in the intermediate goods industry and those in the mining sector continued to decline, while prices in the electricity and water industry logged another double-digit increase. Compared to the previous month, producer prices declined 0.6 percent in November, while economists were looking for a modest increase of 0.1 percent.

The main contributor to the monthly decline was coke, petroleum, chemical, rubber and plastic products, the statistical office said.