Producer price inflation up in june

2011-07-28 10:31

Producer price inflation – or the increase in factory gate prices – accelerated to 7.4% year-on-year in June, from 6.9% in May, Statistics SA said today.

This higher annual rate was driven by increases in electricity, mining and quarrying, and food at manufacturing, the agency reported.

These increases were partially counteracted by decreases in the annual rate of change for agriculture and basic metals.

Producer price inflation (PPI) measures the average changes in prices received by domestic producers for their output.

The annual rate of 7.4% was higher than market expectations. According to Reuters’ consensus forecasting PPI in June would have steadied at 6.9%.

From May 2011 to June 2011 the PPI for domestic output increased by 4.4%.

This was driven by month-on-month increases in electricity, mining and quarrying, and food at manufacturing.

It was partially counteracted by month-on-month decreases in agriculture and products of petroleum and coal.

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