Farm and factory gate prices rose 4.7% in February, slightly faster than economists had expected, amid rising fuel costs
Rising fuel costs pushed producer inflation upwards in February, snapping a two-month streak of moderating pressure on prices.
Farm and factory gate inflation, as measured by the annual change in the producer price index climbed to 4.7% in February from January’s 4.1%. The consensus among economists, according to a poll by Trading Economics, was that producer inflation would rise to 4.6% year on year. Coke, petroleum and chemicals rose 7.7% year on year, contributing 1.3 percentage points to the headline figure, while the food segment of the index rose by an annualised 3.4%.Stats SA’s PPI report on Thursday came a week after it reported that inflation, as measured by the annual change in the consumer price index , ticked up slightly to 4.1% year on year in February. This was in line with expectations.
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