Producer inflation accelerates in March
bdlive.co.za - May 4th 2015, 10:38
Producer inflation accelerated in March amid higher food, beverage, and tobacco prices, Statistics SA reported.
The producer inflation for final manufactured goods accelerated to 3.1% in March this year compared with the same period last year from 2.6% in February.
From February to March the producer price index (PPI) for final manufactured goods increased by 1.8%.
Stats SA said the main contributor to the annual rate of 3.1% was food products, beverage and tobacco products, which increased by 6% year on year and contributed two percentage points.
"Inflation is rising, energy costs are soaring, and the rand is weak against the dollar. The country faces some serious economic challenges in the coming months," said UFX.com MD Dennis de Jong.
Barclays economists said they did not expect the bond market or the Reserve Bank’s monetary policy committee to "take much notice" of lower producer inflation.
The annual percentage change in the PPI for intermediate manufactured goods was 0.9% in March compared with 1.5% in February. The main contributor was sawmilling and wood.
The annual percentage change in the PPI for electricity and water was 8.6% in March compared with 8.2% in February.
Electricity tariffs are expected to rise in July, which could see the PPI for electricity and water increase further.
The PPI for mining was down 4.4% in March compared with a fall of 5.4% in February, with the main contributors being gold and other metal ores, and coal and gas.
PPI for agriculture, forestry, and fishing was down 1% in March compared with a fall of 0.3% in February 2015.From DFM Publishers (Pty) Ltd
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