RTTNews - Thursday, the Statistics South Africa announced that the producer price index or PPI dropped 3% year-over-year in May, compared with a 2.9% increase in the previous month. A year earlier, the PPI was up 16.4%. Economists had expected a decline of 1.9% for May.
On a monthly basis, the PPI declined 1.1% in May, after falling 0.2% in April. Economists were looking for an increase of 0.1%.
In May, producer prices for exported commodities decreased 6% on an annual basis, compared with a 2.7% fall in the previous month. Month-on-month, export prices declined 1.4%.
The PPI for imported commodities decreased 16.7% annually in May, after falling 14.7% in April. Import prices were down 0.3% compared to the previous month.
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