Thursday, Statistics South Africa said producer prices for domestic output rose 7.3% annually in February, at a much slower pace than the 9.2% in the previous month. Economists expected producer prices to increase 7.5%.
The producer price inflation eased mainly due to prices rising at a slower pace for basic metals, non-electrical machinery and equipment, metal products, and chemical and chemical products, among others.
Producer prices for basic metals rose 42.1% annually, slower than a 50.9% rise in the previous month. Prices of non-electrical machinery and equipment increased 15.7%, weaker than a 24.8% rise. Price rises for metal products eased to 12.7% from 17%, while it decreased to 10.2% from 11% for chemical and chemical products. At the same time, prices for mining and quarrying fell 5.9% compared to a 5.1% decline in the previous month.
Month-on-month, producer prices fell 0.3% in February compared to a 0.7% fall in January. Economists expected a decrease of 0.1%.
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