2021.02.2510:51:00UTC+00South Africa Producer Price Inflation At 11-Month High

South Africa's producer price inflation rose to the highest level in eleven months in January, figures from Statistics South Africa showed on Thursday.

The producer price index rose 3.5 percent year-on-year in January, following a 3.0 percent increase in December and November. Economists had expected inflation to rise to 3.1 percent.

The latest producer price inflation was the highest since February last year, when prices rose 4.5 percent.

The main contribution for the increase in prices came from food products, beverages and tobacco products, metals, machinery, equipment and computing equipment, and transport equipment in January.

Producer prices for mining industry gained 22.9 percent annually in January and prices for electricity and water increased 8.7 percent.

Prices for agriculture, forestry and fishing, and intermediate goods rose by 11.3 percent and 8.6 percent, respectively.

On a monthly basis, producer prices rose 0.8 percent in January. Economists had expected a 0.4 percent rise.