South Africa's producer price inflation weakened to the lowest level in twenty-nine months in August, data released by Statistics South Africa showed Thursday.
The producer price index rose 5.1 percent on an annual basis in August, slower than July's 5.4 percent increase. The latest growth was the slowest since March 2010, when output prices advanced 3.7 percent.
Producer prices of exported commodities advanced 0.3 percent annually, while prices of goods meant for the domestic market gained 4.4 percent.
Overall prices in the manufacturing sector rose 4.2 percent, while mining and quarrying prices moved up 1.7 percent. Output prices of electricity, gas, steam and water were higher by 13.5 percent compared to last year.
On a monthly basis, the seasonally adjusted producer price index moved up 0.7 percent in August, the agency said.
by RTT Staff Writer
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