South Africa’s producer price inflation accelerated at a faster-than-expected pace in October to the highest level in ten months, figures from Statistics South Africa showed Thursday.
Th producer price index for final manufactured goods rose 4.2 percent year-over-year in October, faster than the 3.6 percent increase in September. Economists had expected the inflation to climb to 3.8 percent.
The latest rate of inflation was the highest since December last year, when prices grew 5.8 percent.
Among sectors, prices for electricity and water surged 13.5 percent in October from a year ago and that for agriculture, forestry and fishing went up by 6.8 percent. At the same time, mining prices dropped 0.8 percent.
On a monthly basis, producer prices increased 0.9 percent in October, exceeding economists’ expectations for a 0.5 percent rise.
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