South Africa Producer Price Inflation Lowest In 21 Months

(RTTNews) - South Africa's producer price inflation slowed further in May to the lowest level in nearly two years, Statistics South Africa reported Thursday.

Producer prices showed an annual increase of 7.3 percent, slower than the 8.6 percent rise in April.

This was the lowest rate since August 2022, when prices had risen 7.2 percent.

The overall annual inflation in May was largely driven by food products, beverages and tobacco products, paper and printed products, and transport equipment.

The producer price index for mining increased at a slower pace of 7.2 percent yearly in May, after a 10.5 percent surge in the prior month. The price growth for agriculture and forestry and fishing also eased to 4.5 percent from 6.0 percent.

On a monthly basis, producer prices moved up 0.6 percent in May, slightly above the expected rate of 0.5 percent.